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April 29, 2023
- Deutsche Bank could slow down as it approaches resistance at $11.08
- The lower Bollinger Band® is currently at $10.11 while the higher band is at $11.24
Deutsche Bank has posted further gains as part of a 4 day trend that has already seen the stock gain 63 cents. On-trend Deutsche Bank closed the session yesterday with more of the same: after closing at $10.91 on Thursday, Deutsche Bank maintained a strong bullish bias that helped the stock close higher at $11 yesterday. However, market bears ensured the the German banking colossus topped out at $11.03 and that by the end of the session, the market had marked out a distinct $10.85 to $11.03 range.
The stock has been trending positively for about a month. The German banking colossus has fallen back around 19.13% over the past 2 months, from a notable high of $13.49.
Deutsche Bank AG could be slowing down soon as it approaches resistance at $11.08. Of course, crossing it might suggest further gains are ahead. Bollinger Band® analysis indicates that current price action is approaching the upper band at $11.24, thereby suggesting that Deutsche Bank is becoming overvalued.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Deutsche Bank is set for a reversal in the coming days.
Fundamental indicators – United States Core PCE Price Index (MoM) (Mar) released yesterday at 12:30 UTC with a figure of 0.3, while the previous figure was 0.3.
This rally in Deutsche Bank's share price coincided with other financials stocks as The Blackstone Group Inc. traded at $89.33 after closing yesterday's trading day at $86.32 (up 3.49%). Visa Inc. added 1.62% to its value, and traded at $232.73. S&P Global was up 1.97%.
