Deutsche Profit Lifts Stocks – July 27, 2010

Deutsche Bank which really means “German Bank” or DB in the New York Stock Exchange reported a net income of $1.5 billion for the 2nd quarter of 2010. The wide array of financial products and services such as retail banking and fund management propelled the more than expected 10-digit quarterly profit for the German Bank. During yesterday’s trading session, its stock price closed at $66.18 with a 2% gain in the US market.

Chart-wise, the stocks are pointed to the north as it just broke out from a double bottom formation. In case it continues its ascend, the immediate resistance it could encounter is the $70.00 psychological area. If it moves past above that level, the next resistance could the $78.00-80.00 resistance area. On the downside, in case the stocks drop, the support could be $60.00. Upon further passing below the $60.00 could, the next support could be $54.14.

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Category: Daily Stock Picks

By: Al on July 27, 2010 at 12:57 pm

Comments (3)

hack

July 27th, 2010 at 16:59

Now, it seems that the banks in europe are not affected with debt crisis and it goes to show that they are not vastly expose in european treasury bond

July 27th, 2010 at 17:51

Agreed!

Ron Acoba

July 29th, 2010 at 00:40

HI. I think they are still affected as evidenced by the decline in their trading revenues. Though, the effect was not that bad compared to what the market initially thought.