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June 30, 2023
- Deutsche Bank could slow down as it approaches resistance at $10.62
- Bullish streak halted at key Fibonacci level of $10.57
Deutsche Bank has posted further gains as part of a 5 day trend that has already seen the stock gain 42 cents. Today's session pointed in the same direction — ending yesterday at $10.37, the German banking giant rallied 1.54% today and stayed at the $10.53 level.
On a negative trend for around 2 months. The German banking giant has fallen back around 23.13% from the significant high of $13.49 set 4 months ago.
Deutsche Bank AG made an initial breakout above its 50 day Simple Moving Average at $10.53, a potential indicator of a newly emerging bullish phase. Despite this, Deutsche Bank's upper Bollinger Band® is at $10.86, this is a slight indication of a slowdown. Deutsche Bank could be slowing down soon as it approaches resistance at $10.62. Of course, crossing it might suggest further gains are ahead.
According to technical analysis, it looks as if Deutsche Bank likely to continue pointing upward in the short term.
Fundamental indicators – United States Core PCE Price Index (YoY) (May) came out at 4.6, while a consensus of analysts was expecting 4.7.
This rally in Deutsche Bank's share price coincided with other financials stocks as Visa Inc. traded at $237.48 after closing today's trading day at $234.32 (up 1.35%). JP Morgan Chase gained 1.4%, as it traded at $145.44. Berkshire Hathaway added 1.21% to its value, and traded at $341.
