- Price action backs away from resistance at $10.59 despite bullish mood
- Deutsche Bank made an initial breakout above its 21 day Simple Moving Average at $10.56, a potential indicator of a newly emerging bullish phase.
Pronounced bullish sentiment in the market helped the German banking colossus to make a notable 2.14% gain Friday, rising 22 cents and ultimately closing at $10.49.
The stock has been trending positively for about 2 months. Deutsche Bank hit a significant low of $7.4 around 2 months ago, but has since recovered 38.78%.
Trend-following investors would be interested to note that Deutsche Bank AG made an initial breakout above its 21 day Simple Moving Average at $10.56, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $10.84, thereby suggesting that Deutsche Bank is becoming overvalued. Technical chart analysis shows although Deutsche Bank is appreciating today after rising as high as $10.57, price action is now slowing and consolidating around 10 cents below the $10.59 resistance level.
Overall, the technical outlook suggests Deutsche Bank is likely to remain muted for the immediate future, with no clear-cut direction.
A look at other financials stocks also showed bullish price action as The Charles Schwab traded at $78.19 after closing Friday's trading day at $77.06 (up 1.47%).
While Deutsche Bank was bullish Friday, the following financials stocks underperformed: American Express lost 2.61% Friday and closed at $146.3. S&P Global went down to $339.6, losing 1.45% after it closed at $344.58 Friday.
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