Deutsche Bank Short Term Recovery ( Technical Analysis )
A month ago, everyone went crazy about the crash in Deutsche Bank stock price after hitting record new lows calling for a †Lehman Brother †reply scenario meaning the bank filling for bankruptcy . However the DB stock price was at the technical area to end at least the cycle from 03/14/2016 peak and start a 3 waves bounce , this view was supported as the stock was trapped in a falling wedge with a bullish divergence . Since making a new low in 09/30 at 11.19 , the stock started a rally surprising many bearish traders blinded by media talk and this recovery could extend later on to correct the cycle from 04/07/2015 peak and reach 20.76 – 26.63 area in larger 3 swings from the lows .
Daily chart of the stock is showing that it reached equal legs area at 11.29 where it ended the cycle from 03/14 peak and currently looking for 15.95 – 17.08 area to end 3 swings from lows , after that it should pullback in 3 waves before resuming higher as long as pivot at 11.19 low remains in place . The situation for Deutsche Bank could become more clear after it releases its third quarter results next Thursday .
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