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May 29, 2023
- Key support at $10.4 holds firm despite apparent early break
- Fibonacci support at $10.39 holds firm with prices springing 7.558 cents
A 5 day downtrend has resulted in the asset losing 23 cents. With a marginal improvement upon Friday's session, after dropping down to $10.37, the German banking giant recovers some losses and is currently trading at $10.47.
The stock has been trending positively for about 2 months. The German banking colossus is now trading 22.54% below the significant high of $13.49 it set around 3 months ago.
A study of Deutsche Bank's historical price actions shows Deutsche Bank AG reversed direction at $10.4 support zone and climbed 7 cents above it. With regards to technical trend indicators, chart analysis show that Deutsche Bank made an initial breakout above its 50 day Simple Moving Average at $10.46, a potential indicator of a newly emerging bullish phase. Deutsche Bank bounced 7.558 cents away from Fibonacci support at $10.39. According to asset volatility analysis, Deutsche Bank's upper Bollinger Band® is at $10.77, suggesting that a downward move may follow.
The current technical outlook indicates Deutsche Bank will continue to ebb sideways within tight ranges for the immediate future.
Meanwhile, mixed performances were seen by other financials stocks as American Express gained 4.08%, as it traded at $157.24. Goldman Sachs traded at $332 after closing Friday's trading day at $323.88 (up 2.51%). The Blackstone Group Inc. traded at $85.7 after closing Friday's trading day at $83.53 (up 2.6%).
Upcoming fundamentals: as things stand, upcoming United States Consumer Confidence data is projected to fall short of market expectations with newly published data of 99, following on from the preceding figure of 101.3. New data is set to be published tomorrow at 14:00 UTC.
