Deutsche Bounces From Long Term Support
AvaTrade | Jul 04, 2014 12:28AM ET
Deutsche Bank has bounced from its minor support (mentioned below) on a daily time frame. The price also pierced the Bollinger band at this level. The piercing of the Bollinger and does have significant importance when this takes at an important level of support or resistance as it has the ability to reverse the direction of the current trend or ouse the price action.
The price is trading in a downward trend and as long as the price is trading below the downward trend line, it will confirm that the bias stays towards the downside.The RSI which was in an oversold territory has left that zone and it is trading in line with the price action which confirms that the bias is now towards the upside.
Support Zone
37.66-36.44 Major
34.57-32.78 Minor
Resistance Zone
25.68.25.09 Minor
23.10.22.42 Major
Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader. by Naeem Aslam
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