Commerzbank (#CBK) is on its way to test the next major resistance level 6.80. Its strength is rated by Selected Alpha at the 245 RealStrength points – making it the second strongest resistance level which is currently being tracked by the Pivot Watcher dashboard of the Active Macro panel. This level started the sharp downtrend in February of 2020 – before the start of the Covid-19 pandemic crisis – and is, therefore, likely to attract significant long-covering sales when Commerzbank (#CBK) approaches it. This level stands counter to the active uptrend (+59% Trend Rating) and also against the active sharp upward impulse (100% rating – making it the sharpest upward impulse over the course of the last few years of Commerzbank trading).
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