| 
March 02, 2023
- Despite dipping below $12.31 as support, market bulls are still in control
- Deutsche Bank explored above its 21 day Simple Moving Average around $12.5, a potential early indicator of a new bullish phase to come
Though in the midst of a 4 day uptrend, gaining a total of 3.76%, (49 cents), Yesterday's session suggests run might be coming to an end — an influx of sellers pushed the German banking colossus to end the session lower around $12.42, while establishing a $12.31 to $12.52 session range yesterday.
Over the past 29 days, the German banking giant has retreated 7.64% from a noteworthy peak of $13.49.
Trend analysis indicates that despite being in the red so far in the current trading session, Deutsche Bank AG peaked above its 21 day Simple Moving Average around $12.5 — typically an early indicator of a new bullish trend beginning to emerge. Asset volatility analysis shows that Deutsche Bank's upper Bollinger Band® is at $12.72 which indicates a further downward move may follow. Deutsche Bank's notable support and resistance levels: Deutsche Bank could begin to recover as it approaches significant support, now 11 cents away from $12.31. Dipping below could be an indication that further losses are ahead.
Notwithstanding Deutsche Bank's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fundamental indicators – highly important Crude Oil Inventories data from United States beat analyst expectations of 457,000 with a reading of 1.17 million.
Deutsche Bank was not the only decliner in the financials sector; Royal Bank Of Canada closed at $98.33 (down 3.1%). BlackRock went down 1.29%, closed at $689.43.
On the other hand, positive performances could be seen by looking at other financials stocks as American Express was up 1.1%.
Upcoming fundamentals: today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 192,000.
