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Technical Update - Danske Bank reversing negative trend and could move higher
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Danske Bank broke bullish out of its Wedge like pattern last week thereby reversing its medium-term bearish trend. RSI closed on weekly chart above 60 confirming the uptrend.
Trading around minor resistance around DKK121 and the 0.786 retracement of the downtrend since Q1 peak there is room for further upside to Q1 peak around 133.25
If Danske Bank can close above 133.25 the uptrend is established and monthly RSI is likely also set to close above 60 confirming the uptrend. An uptrend with some overhead resistances. The upper trendline in what appears to a slightly rising channel could in combination with 200 monthly SMA (Simple Moving Average) provide some resistance.
However, if Danske Bank closes above 133.25 it could move higher to the 1.382 projection of the wedge correction i.e., to around 151.
To reverse this bullish picture Danske Bank needs to close back below the upper falling trendline in the falling wedge pattern.
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