Monday, July 9, 2012
We decided to go short in Deutsche Bank on 6 July, after the 20- and 30-days moving averages failed to maintain the price. Actually, the 20-days moving average fell below its 30-days peer which is a bearish signal as well. The MACD is also approaching the signal line reinforcing our bearish view on the stock. We first realized profit at EUR 27.09 and our next target price is at EUR 26.70.
Supported by the bearish market mood we opened 5 July a short position in BASF as well at EUR 56.70 as the German chemicals company turned down from the 200-days moving average. On 6 July, we decided to sell even more (at EUR 56.14), but today it found support by the 30-days moving average. We decided to take our profit at EUR 55.80.