The share of Commerzbank (WKN: CBK100) had marked an all-time low of EUR 2.80 as part of the ultra-long-term downtrend in March 2020. Above this she succeeded in forming a double floor and then one overriding uptrends, which is still intact. After reaching a 4-year highs at EUR 9.51 in February the value went into the correction mode above. A correction low of EUR 5.17 in March was followed by a three-wave recovery rally to EUR 8.64 seen in June. In the subsequent downturn, the share certificate broke the 200-day moving average and the recovery trend line, falling to EUR 5.65. For a few weeks, the listing has been orientated northwards again and was able to make up ground in the chart with the price surge of the past two trading days. she Cracked the resistance cluster consisting of the 50-day and 200-day moving average lines, the broken recovery trendline, the June 29 downside gap and the 50% retracement the previous down wave. If the stock can sustain above EUR 7.04-7.07 (daily closing basis) in the coming days, it remains in a strong position to extend the rally. Potential next targets and barriers are EUR 7.39 and EUR 7.50. Above this, an immediate extension of the boost in the direction of EUR 7.94/8.00 and EUR 8.14-8.29 would be conceivable. A slide below EUR 7.04 and then EUR 6.85/6.95 at the end of the day would eliminate the bullish short-term bias and make a volatile sideways phase likely. Immediately bearish signals would arise below EUR 6.46 and EUR 6.19 with a possible target of EUR 5.65/EUR 5.83.
