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April 08, 2023
- Deutsche Bank drawing closer to significant resistance at $10.45 with potentially further upside ahead
- Deutsche Bank made an initial breakout above its 3 day Simple Moving Average at $10.29, a potential indicator of a newly emerging bullish phase.
Deutsche Bank has posted further gains as part of a 10 day trend that has already seen the stock gain 85 cents. It was more of the same for Deutsche Bank Thursday — after ending Wednesday at $10.2, Deutsche Bank spiked to $10.4 Thursday, dropped back to starting point range, and rallied again to $10.39.
The German banking colossus reached a significant high of $13.49 around 2 months ago but has lost 24.39% since then.
Deutsche Bank AG made an initial breakout above its 3 day Simple Moving Average at $10.29, a potential indicator of a newly emerging bullish phase. On the other hand, note that Deutsche Bank could be slowing down soon; it is getting close to the resistance line and is now at $10.45, only 6 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Deutsche Bank might continue pointing upwards in the short term.
Fundamental indicators – highly important Unemployment Rate data from United States beat analyst expectations of 3.6 with a reading of 3.5.
A look at other financials stocks also showed bullish price action as Wells Fargo & Company traded at $37.9 after closing Thursday's trading day at $36.89 (up 2.74%). HSBC Holdings traded at $35.18 after closing Thursday's trading day at $34.69 (up 1.41%).
Deutsche Bank went up Thursday, yet these financials stocks did not follow — American Express draws back 1.4% Thursday to close at $161.08.
