CBK.DE ends the day on a bullish note closing near the high of the day
Commerzbank AG (CBK.DE) Technical Analysis Report for Jul 13, 2018
CBK.DE ended the week -1.64% lower at 8.41 after gaining €0.08 (0.96%) today. Trading up to €0.07 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Friday's trading range was €0.15 (1.8%), that's far below last trading month's daily average range of €0.24. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way below average. Prices continued to consolidate within a tight trading range between 8.28 and 8.46 which it has been in now for the last three days.
After moving lower in the prior session, the share managed to close higher but below the previous day's open, forming a bullish Harami Candle.
Prices are trading close to the key resistance level at 8.44. The stock found buyers again today around 8.28 for the third trading day in a row after having found demand at 8.28 in the prior session and at 8.30 two days ago.
Though Commerzbank is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
With prices trading close to this year's low at 7.92, downside momentum could speed up should CBK.DE break out to new lows for the year.
While classical technical analysis indicates a slightly bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.