What went wrong?
Check out Panmure Gordon’s Senior Market Commentator David Buik detail Deutsche Bank’s journey from Best to Worst - https://www.youtube.com/watch?v=x8ZQCuRK0r4
Don’t trust the rebound
Shares are up more than 3% at 10.85 levels. This is because the bank denied capitalization problems and has decided to sell its insurance unit Abbey Assurance. However, not that official denial is always confirmation… don’t trust anything unless it is officially denied.
There are no major signs of reversal – No price divergence on hourly or 4-hr or . Neither do we have patterns that suggest reversal.
Infact yesterday’s candle was a of sorts…though it appears in a corrective and cannot be called as a top… still it suggests indecision.
In the short-run invalidation is seen only if prices see a daily close above 11.13 (Sep 21 high).
Till then there is little hope for bulls… bears can expect fresh sell-off below yesterday’s low of 10.65.