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DEUTSCHE BANK REBOUNDS AFTER CEO DISMISSES TAKEOVER SPECULATION - Capital Street FX
DEUTSCHE BANK REBOUNDS AFTER CEO DISMISSES TAKEOVER SPECULATION
Deutsche Bank is currently trading at 8.32-higher by 3.48% as compared to the previous closing.
In recent news, Deutsche Bank’s CEO Christian Sewing told a German weekly newspaper over the weekend that the bank is not at risk of a takeover. The CEO statement came after the bank’s shares fell to a record low on Friday in the wake of a two-day raid related to money laundering allegations.
Meanwhile, speculation about a possible merger has continued despite the German bank’s dismissal in September of reports that it could consider tie-ups with Switzerland’s UBS or German peer Commerzbank. CEO Sewing also said that the bank was on track to become profitable after three years of losses.
The CEO’s remarks followed the two-day raid as part of an investigation linked to the Panama Papers leakage of documents connected to offshore finance. CEO Sewing further disclosed that Police searched offices of all the bank’s board members.
On the technical front, the RSI is currently at 41.91% and suggests that the market can move in the upward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger Bands but is heading upwards.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT BUY AT 8.27 TAKE PROFIT AT 8.44 STOP LOSS AT 8.17