Commerzbank share: new price target, but still many hurdles to overcome – chart analysis

After a little longer, let’s take a technical look at the Commerzbank share, which today is able to further expand its price gains from the two previous days. The MDAX is currently trading at EUR 4.635, up 3.31 percent, and not far below the previous day’s high, which was EUR 4.392.

No great news about Commerzbank shares can be seen today, apart from the technical aspects of the chart. Credit Suisse has confirmed the “neutral” rating, while the equity analysts have lowered the target price by EUR 0.20 to EUR 5.10.

In terms of charts, however, the latest bullish developments in Commerzbank’s share price continue to dominate. There was a bear trap at the support zone at 3.987 / 4.033 euros and the paper was able to turn up again at 3.92 euros. Today, procyclical buy signals are added, which are achieved at the technical chart hurdles between EUR 4.170 / 4.195 and EUR 4.220 / 4.281. The next obstacles are immediately ahead of the share price: The sliding 20- and 50-day lines at EUR 4.422 and EUR 4.436. Not far above that, the EMA 200 can be found at 4.569 euros, along with other horizontal hurdles around and above this mark. There are still plenty of hurdles to overcome before the equity analysts at Credit Suisse achieve the lower price target for Commerzbank shares.

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