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 [1 min read]
Highlights
CBK.DE finds buyers around 8.28 for the third day in a row
CBK.DE closes above its opening price after recovering from early selling pressure
CBK.DE ends the day on a bullish note closing near the high of the day
CBK.DE stuck within tight trading range
CBK.DE closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 57% Bullish
Technical Forecast:
Overview

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.

Daily chart for CBK.DE
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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.

Order Flow

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.

Conclusion

While classical technical analysis indicates a slightly bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Commerzbank AG
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Intraday Reversal TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Close to Swing High TQ Pro Members Only
2 Consecutive Lower Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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