Deutsche Bank: Projected top and long term Sell Entry.
Deutsche Bank (DB) has been on a strong medium term rise on the 1W chart since the August low (RSI = 65.146, MACD = 0.232, ADX = 21.619, Highs/Lows = 0.9691). This rise is the bullish leg of the long term Channel Down (since 2012), that is aiming for a Lower High inside the pattern.
The previous Lower High bounces have been 85% on average and the last one made a peak on the 0.500 Fibonacci retracement level. Currently this level is at 11.35, which fits the +85% rise model. This is also where the price meets the technical rejection point of the 1W MA200 (orange line) which has been acting as a Resistance since May 2008.
With the RSI already inside the Sell Zone, we believe it is best to wait for this top to form and sell back towards the 6.45 Low.
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The previous Lower High bounces have been 85% on average and the last one made a peak on the 0.500 Fibonacci retracement level. Currently this level is at 11.35, which fits the +85% rise model. This is also where the price meets the technical rejection point of the 1W MA200 (orange line) which has been acting as a Resistance since May 2008.
With the RSI already inside the Sell Zone, we believe it is best to wait for this top to form and sell back towards the 6.45 Low.
** If you like our free content follow our profile (tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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