UniCredit's potential acquisition of Commerzbank is now uncertain as the Italian bank, which owns around 20% of Commerzbank shares, may reconsider its bid.

Reports indicate that UniCredit is now considering Banco BPM as a more attractive option, especially given the reluctance of both Commerzbank and the German government regarding the merger. This has resulted in a negative sentiment surrounding Commerzbank shares, leading to a decline in their price.

Currently, the Commerzbank share price is around the exponential 200-day moving average at EUR 14.18, which has previously acted as a support level during downturns. If this level holds, there could be a rebound targeting the price gap between EUR 14.62 and EUR 15.01. However, if the share price drops below the moving average and the upper boundary of the upward gap from September 11 at EUR 14.06, it could signal further declines, potentially reaching the lower limit of the gap at EUR 13.05.

Traders looking to anticipate a decline in Commerzbank shares may be interested in put options with a knock-out level above the current resistance at EUR 16.96. On the other hand, bullish traders could consider call options with knock-out levels below EUR 12.11.