| 
May 17, 2023
- Next support is currently 7 cents away at $10.33
- Price action is currently stuck around the active Fibonacci support level of $10.39
Deutsche Bank's bearish run has lasted 8 days so far (-4 cents). More of the same from yesterday's session: in yesterday's bearish session, the German banking colossus shed around 2.16% in quick fashion, found support around the $10.38 level and finally closed at $10.4. In contrast, the day's events followed Monday's session in which the stock closed at $10.63.
The stock has been trending positively for about a month. Over the past 3 months, the German banking giant has retreated 21.2% from a noteworthy peak of $13.49.
Chart analysis indicates Deutsche Bank AG could begin to recover as it approaches significant support, now 7 cents away from $10.33. Dipping below could be an indication that further losses are ahead. Concerning technical analysis and more specifically, trend indicators, Deutsche Bank made an initial break below its 3 day Simple Moving Average at $10.53, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $10.39 currently serving as support. If price action breaks below, the next Fib hurdle is $10.2. Asset volatility analysis shows that Deutsche Bank's lower Bollinger Band® is at $10.21, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests Deutsche Bank is likely to remain muted for the immediate future, with no clear-cut direction.
Fundamental indicators – United States Building Permits (Apr) released today at 12:30 UTC with a figure of 1.42 million, while the previous figure was 1.44 million.
Deutsche Bank was not the only decliner in the financials sector; Royal Bank Of Canada lost 2.09% yesterday and closed at $95.19. HSBC Holdings went down 1.56%, closed at $38.44. Visa Inc. withdraws 1% yesterday to close at $232.81.
Upcoming fundamentals: projections for United States Crude Oil Inventories are set for a continuation of decline with -920,000 while previous data was 2.95 million; data will be released today at 14:30 UTC.
