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by Darius Anucauskas

Commerzbank AG Stock Pops Above The Upper Side Of The Range

Yesterday, the Commerzbank AG stock (ETR:CBK) popped above the upper side of its medium-term range, running from around the beginning of August of last year, which was roughly between the 4.69 and 6.07 levels. Today, the share price continues to rise, which means that there is some interest in the stock at the moment. Given that CBK started forming higher highs, this may keep CBK under some buying interest, hence why we will stay positive, at least for now.

A further push north could test the 6.74 barrier, marked by the highest point of July 2019. The stock could stall around there for a bit, or even correct slightly lower. However, if CBK remains above the above-discussed 6.07 hurdle, this could raise some buying interest again and drive the share price higher. If the stock is able to bypass the 6.74 zone, this would confirm another higher high and open the door for a move to the 7.08 level, marked by the low of May 22nd.

Judging by our oscillators, the RSI and the MACD, both seem to be inline with above-discussed idea of seeing a bit of upside, at least in the near term. The RSI is above 50 and still point higher. The MACD, is also pointing higher, while sitting above zero and its trigger line.

Alternatively, if the price falls back into the aforementioned range and slides below the 5.60 hurdle, which is the low of February 6th, this could push the bullish scenario away, at least for a while. We might then target the 5.01 zone, which is the lowest point of January. If there are still no new buyers at that price, a further move down could clear the path to the 4.69 level, marked by the low of October 8th.

Commerzbank daily

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