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Commerzbank share: The double bottom after the corona crash seems perfect – chart analysis

On Friday morning, the Commerzbank share starts XETRA trading with a significant price gain. The MDAX-listed bank title gains around 6 percent and rises to € 4,222 in early trading. Commerzbank’s share price is currently quoted at € 4,214. With the movement, the paper can clearly move upwards from a chart-technical signal zone between EUR 3,774 and EUR 3,863 / 3,885, which has become a strong resistance mark in the last few weeks after the Corona crash. The outbreak also goes hand in hand with completing what was previously only a potential ground formation at € 2.804 / € 2.814 – we had recently reported on this technical chart scenario several times, which is now being realized.

The Commerzbank share broke out for the first time on Wednesday, but only now was the buy signal strengthened with an upward gap at 4.014 / 4.089 euros. Smaller obstacles of EUR 3,986 / 4,058 have been cleared out of the way, while it is currently to be seen whether the obstacle at EUR 4.170 / 4.201 can also be overcome stably. If this succeeds, a price increase in the direction of the strong technical chart obstacles in the range of 4.65 / 4.71 euros would be possible.

Important technical data on Commerzbank shares:

Last share price: 4.214 euros (stock exchange: XETRA – Frankfurt)
Charting trends:

However, the long-term downward movement of the MDAX title remains intact despite the recovery from the Corona crash low. However, the Commerzbank share has currently taken advantage of the opportunity to break out of a sideways movement above the raised floor at EUR 2.804 / 2.814, which has brightened the short-term trend picture significantly.

Bollinger Bands 20 (below / above): 2.723 euros / 4.138 euros
EMA 20: 3,430 euros
EMA 50: 4.703 euros
EMA 200: 2.22 euros

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