The boss of Denmark’s biggest bank has resigned after admitting that the vast majority of €200bn flowing through its Estonian branch was money-laundered cash flowing illegally out of Russia, the UK and the British Virgin Islands.
The bank said an independent investigation had found “a series of major deficiencies” in its controls to prevent money laundering. The investigation found that more than half of Danske’s 15,000 customers in Estonia were suspicious.
Now let’s talk about technique. When we look at the chart we can see, the Danske Bank got from the top of trend channel. After testing days, the technique were signalizing the drop, because a few indicators were overbought and the market needed the correction. When the correction has began then a full negative fundamental came to the market and bear trend was ”on fire”.
Now we can see, the market is getting over strong supports and also get out from trend channel, which was building up more than nine years. When we will retrace? This is hard question and we can’t fully predict where the market will reverse. But we can notice a strong supports, where it could happened.
Currently, we are trading at the 143.7 Danish Krone and at this level is also strong support. If the market will break this support, there is a possibility we could expect a fall to the 118-120. If we retrace now, there is a possibility to test lower line of trend channel. We need to for the earnings. For official result for earnings we need to wait three more weeks. RSI is in big really down, in strong oversold zone, but it this ”depression” phase it doesn’t matter.
When you are trading, I recommend you to keep strict your money a risk management. This analysis is only for education purpose and can not be consider as investing advice.