CBK.DE closes lower for the 2nd day in a row
Commerzbank AG (CBK.DE) Technical Analysis Report for Apr 16, 2018
Moving lower for the 2nd day in a row, CBK.DE finished Monday at 10.74 losing €0.01 (-0.09%) on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Monday's trading range was €0.15 (1.4%), that's far below last trading month's daily average range of €0.31. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
Unable to break through the key technical resistance level at 10.78, Commerzbank closed below it after spiking as high as 10.83 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 10.68 in the prior session, the share found buyers again around the same price level today at 10.68.
While the stock is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
Buying might speed up should prices move above the nearby swing high at 11.04 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 10.59 where further sell stops could get activated. With prices trading close to this year's low at 10.05, downside momentum might speed up should the market break out to new lows for the year.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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