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June 24, 2023
- Deutsche Bank wasn't trading below $10 for 2 months.
- Lower Bollinger Band® at around $9.96
Having fallen 51 cents in 7 days, Yesterday's session continued the recent downtrend: the German banking colossus dropped 2.36% early on and traded close to the $9.95 level.
On a negative trend for around 2 months. The German banking colossus has fallen back around 24.46% over the past 4 months, from a notable high of $13.49.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Deutsche Bank's lower Bollinger Band® is at $9.96, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. A study of Deutsche Bank's chart reveals various key levels to watch: Deutsche Bank could begin to recover as it approaches significant support, now 5 cents away from $9.9. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates Deutsche Bank will remain range-bound for the immediate future.
Fundamental indicators – United States Services PMI released yesterday at 13:45 UTC with a figure of 54.1, while the previous figure was 54.9.
Deutsche Bank was not the only decliner in the financials sector; Royal Bank Of Canada went down 1.34%, closed at $94. HSBC Holdings lost 1.21% yesterday and closed at $38.23. Goldman Sachs lost 1.52% yesterday and closed at $314.71.
