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Deutsche Bank – Series of horrors, no reversal signal on charts

CHXEUR:DBKD   DEUTSCHE BANK AG
Deutsche Bank is smashed from all sides. The bank has gone from being Europe’s best in 1980s to being the worst in 2016.

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.

Technical outlook

There are no major signs of reversal – No bullish price RSI divergence on hourly or 4-hr or daily chart . Neither do we have candlestick patterns that suggest reversal.

Infact yesterday’s candle was a spinning top of sorts…though it appears in a corrective and cannot be called as a top… still it suggests indecision.

In the short-run bearish 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.
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