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Commerzbank share: warning signs? – Chart analysis

A few months ago hardly anyone would have dared to predict that the Commerzbank share has more than doubled since the Corona crash low at EUR 2.802 with the price peak reached yesterday. The problems in which the banking industry is still stuck with low interest rates, high costs and correspondingly weak margins are just too big. Nevertheless, the MDAX value managed to recover to yesterday’s peak at EUR 5.88. But Friday also had a downside, namely a bullish false signal.

Although the Commerzbank share exceeded the previous recovery high of EUR 5.796 intraday, it was unable to confirm it on the basis of the closing price. And the rebreak was anything but small: During the course of the day, the Commerzbank share price fell from 5.88 euros to 5.618 euros, with 5.668 euros and a 1.32 percent price loss it finally went out of trading. They certainly played current news about the COVID-19 pandemic and the vaccine from BioNTech / Pfizer a role that put the market under pressure. But this could have bearish consequences for Commerzbank shares.

In any case, there are massive technical chart hurdles near the top reached yesterday. These can be found on the one hand in the broad zone at 5.93 / 6.08 euros, on the other hand not far above the gap at 6.252 / 6.43 euros and in the 6.75 / 6.83 euros zone. If the Commerzbank share cannot stabilize above EUR 5.79 / EUR 5.88 in the short term, the recent upward movement threatens a setback. The first technical support can be found for the MDAX value in the zone around 5.43 / 5.59 euros and around the former striking recovery high of 5.35 euros from September 2020.

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