The euphoria about a corona vaccine hit the markets yesterday. The European bank reference index, the Euro Stoxx Banks, rose by more than 13 percent, the fastest it has for ten years. The Commerzbank share took off even more, and from a chart perspective it is now extremely exciting.
A vaccine would be the game changer in the corona pandemic. After Biontech and Pfizer published promising results yesterday from a study that is crucial for the approval of a vaccine, the stock exchanges boomed. Financial stocks, especially banks, also performed above average. Lockdowns may become less likely in the future. Step by step back to normal also means that the economy will grow sustainably again. That would be very important, especially for Commerzbank, which is exposed in German medium-sized companies.
Commerzbank
(WKN: CBK100)
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The share closed yesterday more than 15 percent plus, wiping several obstacles aside in one go. The 200-day line (4.30 euros) and the 50-day line (4.47 euros) were cracked. The next hurdle is now the horizontal resistance at 4.80 euros. The 200-day line and the EUR 4.40 level serve as support.
Courageous investors have access, and traders are also using the momentum. The stop is at 3.30 euros.
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Note on conflicts of interest:
The Chairman of the Board of Management and majority owner of the publisher Börsenmedien AG, Mr Bernd Förtsch, has taken direct and indirect positions on the following financial instruments referred to in the publication or related derivatives that will benefit from any price development resulting from the publication: Commerzbank.
Commerzbank shares are in the SHAREHOLDER depot.
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