Deutsche Bank eyeing key support at $10.6

Deutsche Bank eyeing key support at $10.6
  • Deutsche Bank is eyeing the $10.6 support level
  • Deutsche Bank made an initial breakout above its 10 day Simple Moving Average at $10.68, a potential indicator of a newly emerging bullish phase.

While Deutsche Bank is on a 3 day uptrend Yesterday's session put the brakes on the ongoing uptrend — Deutsche Bank was steady yesterday maintaining a $10.61 – $10.7 range before closing at $10.65.

The stock has been trending positively for about a month. Having set a significant high of $13.49 3 months ago, the German banking giant is trading 20.9% lower.

Deutsche Bank AG is approaching key support, around 5 cents away from $10.6. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Deutsche Bank made an initial breakout above its 10 day Simple Moving Average at $10.68, a potential indicator of a newly emerging bullish phase. Deutsche Bank's upper Bollinger Band® is at $11.17 and the lower is $10.29. In contrast, a Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal.

Despite muted price action in Deutsche Bank, chart analysis indicates it is positioned for a bullish run in the short term.

Meanwhile, mixed performances were seen by other financials stocks as Wells Fargo & Company gained 1.16%, as it traded at $38.38. Berkshire Hathaway added 0.7% to its value, and traded at $326.14. A flat day for Visa Inc., closing at $232.23.

Upcoming fundamentals: United States Consumer Price Index is expected tomorrow at 12:30 UTC.

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DraftKings traders look to claw back Monday's 1.2% decline to maintain ongoing trend

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DraftKings traders look to claw back Monday's 1.2% decline to maintain ongoing trend

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DraftKings traders look to claw back Monday's 1.2% decline to maintain ongoing trend

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DraftKings traders look to claw back Monday's 1.2% decline to maintain ongoing trend

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DraftKings traders look to claw back Monday's 1.2% decline to maintain ongoing trend

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DraftKings traders look to claw back Monday's 1.2% decline to maintain ongoing trend

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