DEUTSCHE BANK IN-CRISIS AS US HEAD TO LEAVE, STOCK WEAK BELOW MA20
Deutsche Bank is currently trading at 8.62-lower by 0.45% as compared to the previous closing.
In recent news, Deutsche Bank’s head of the Americas, Tom Patrick, is expected to leave the bank, possibly by the end of the year, two people with knowledge of the matter disclosed today. The move comes as the bank restructures its US business and struggles with regulators.
Germany’s largest lender has made a raft of senior management changes this year, including its CEO, as the bank seeks to become profitable after three years of losses. Deutsche’s head of the Americas Patrick was appointed under the bank’s previous CEO John Cryan. The bank has since announced plans to streamline its U.S. operations, and it has failed a U.S. Fed stress test.
No move was expected, however, at Deutsche bank’s next supervisory board meeting in early December, according to market sources. The supervisory board makes decisions on senior management changes. Germany’s financial watchdog – BaFin – has asked the bank to provide information on its dealings with scandal-hit Danske Bank, according to sources last week.
On the technical front, the RSI is currently at 45.61% and suggests that the market can move in the downward direction. The current price is below the MA20. The current price is below the middle line of the Bollinger Bands and is heading downwards.
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT SELL AT 8.65 TAKE PROFIT AT 8.47 STOP LOSS AT 8.75