the daily chartist

Deutsche Bank rising from the dead

published 2 years ago
DBK Daily

 For me the biggest surprise Yesterday was the rise in Deutsche Bank's stocks as the bank is in great turmoil for quite some time now. The catalyst was the bank's earnings and drove the price up, moving from 9.558 towards 10.500. The good news was delivered by the new chief executive Christian Sewing, who has been on the job since April. Germany's biggest lender surprised the investors on Monday with announcing a 400 million euros in profit for its second quarter. That is more than a double the 159 million euros that the analysts were expecting. With this, the price has managed to push above the Ma50 and it is forming a slight uptrend a bit steeper, but still in existence. If conditions continue to get better, the stock "will heal" as investors will have interest again in buying Deutsche stocks. Though for me this is going to take some time as the bank needs to keep up with the good news and to justify the expectations of the market participants. Even if the bank's stocks lose some steam in the short-term under the 23.6 Fibo they will rise much, but only as I have stated - they report profits. If you want to play it, buy some shares on the MA50 test, SL under it the yellow trend line. Hold.