DBD Strategy Daily - EUROPEAN BANKS : weak, but testing supports now!
Banks have weakened since mid-February. They have under-performed, and they are dragging indices down. This morning, the pan-European sector is trying to breakout of a one-year sideways pattern. We cannot rule out that this will be a strong sell signal, but we had rather favour a more vicious short-term scenario. We are indeed facing slow reversal patterns, rounding tops. They often give several sell signals before accelerating to the downside.
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