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.