While the DAX, Germany’s leading index, slipped below its interim low in May, Deutsche Bank’s share price stabilized well above its May low of EUR 8.80. The share price fell to EUR 8.80 in the second half of the year. The main reason for this was rising interest rates.
Against the backdrop of this relative strength to the overall market, the share tends to be interesting for the long side, especially if the relevant short-term downward trend in the daily chart can be recaptured. In that case, the way would be clear from a chart perspective to the EUR 10.50 to 10.70 range. At this point, at the latest, we would have to expect renewed technical selling interest – there is a significant horizontal resistance on the daily chart at this level. Only above this zone is there further upside potential in the medium term.
Nevertheless, the bulls have the chance here in the short term for a technical recovery in the order of 10% in the mentioned range, provided that the low from last week is now no longer undercut.