Deutsche Bank (NYSE:DB) has tested and bounced back up again from Our Identified support zone. The support zone was given in our analysis on the 17 of July. The price has broken its downward trend line and this confirms that the new trend could be emerging. However, the price is still trading below the 100 day (shown in yellow) and 50 day (shown in red) moving average, which means that the bears are still in control of the price. We also have formed a reverse head and shoulder pattern and if this pattern completes its projection we could see the price near the 29 mark very soon. The reverse head and shoulder pattern is shown by the yellow boxes.
The RSI is trading in line with the price action and as long as the price is trading in line with the price action, the new trend could continue.
Important Zone
Resistance Zone
40.04-38.80 Major
35.07-33.99 Minor
Support Zone
25.94-24.78- Minor
23.04-22.10 Major
Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam