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mproving environment for the entire financial sector with gradual solving internal problems made quotes of Deutsche Bank rebound from its historical lows. Just around the corner is waiting publication of quarterly results of the Bank, so the question remains whether it can maintain investors good sentiment.
In September last year, quotations of Deutsche Bank fell below the level of 10 EUR due to the disclosed amount of the penalty, which the US Department of Justice imposed on the body for irregularities from before the financial crisis in 2008. However, since then we are dealing with a sequence of medium-term growth trend. On the interval D1 we see that shares of DB are moving within a channel and the lower limit has been in recent days was undefeated. It added some vigor to bulls – and nearly for a month we had to deal with consolidation around level of EUR 17.30. However, here also we see that was triggered an inverted Head and Shoulders pattern – this is a formation, which usually heralds a trend reversal. Its range is nearly reached, therefore, despite the fact that yesterday’s candle took marubozu shape (strong bullish signal ) you can begin to look forward to creation of the next higher peak in the sequence. If you actually happens stabilization of trading around 19.40 euros, the next step should be a higher low – most likely around the lower limit of the channel. More broadly, it is also apparent that the initiative lies on the bulls side. As a evidence of this is a golden cross – 50-day average climbed above the 200-day moving average. This means that within reach of buyers is level of 20.73 EUR (support of late December 2015 and January 2016), and further 23 EUR (equally important level of the second half of 2015).
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Late last year the authorities of the Bank managed to reach an agreement with the US Department of Justice on reducing the amount of the fine – although it is still extremely high, because still at range of several billion dollars, but it should not lead to a radical exploration of new capital by DB. In addition, higher interest rates in the United States and rebound in bond yields should help repair the financial position of the Bank – already on February 2, we will know its results for the fourth quarter.
