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March 10, 2023
- Price action is currently stuck around the active Fibonacci support level of $12.14
- Lower Bollinger Band® at around $11.85
Having fallen 22 cents in 4 days, Yesterday's session continued down the same path: the German banking colossus plunged into the red after losing 3.17%, declining to $11.91.
On a negative trend for around a month. Having soared to a high of $13.49 approximately a month ago, the German banking giant is now trading 8.82% lower.
With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Deutsche Bank is currently flirting with an active Fibonacci support level around $12.14. Analysis based on the asset volatility indicates that Deutsche Bank's lower Bollinger Band® is at $11.85, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical chart analysis shows Deutsche Bank could begin to recover as it approaches significant support, now 11 cents away from $11.8. Dipping below could be an indication that further losses are ahead.
All in all, the technical analysis suggests Deutsche Bank has no clear-cut direction.
Fundamental indicators – United States Initial Jobless Claims fell short of the 195,000 projections, with new data of 211,000.
Deutsche Bank was not the only decliner in the financials sector; The Charles Schwab closed at $66.47 (down 12.77%). JP Morgan Chase closed at $130.34 (down 5.41%). Wells Fargo & Company closed at $41.13 (down 6.18%).
Upcoming fundamentals: United States Non Farm Payrolls projected to decline to 205,000 while previous data was 517,000; data will be released today at 13:30 UTC.
