A bunch of support here and stochastics look good on all timeframes presently. A move above 43.50 puts it into a 200-500 moving channel. Next resistance is the 44 figure. 47.50 first target and then 49.40-51.50. Stop would be daily close below 41.70 so RR is reasonable. Volume is currently light which is not fatal but also not ideal. With bank earnings now...
I actually really like this chart. It literally has a simple pattern, buy the bottom envelope (green arrows) and sell the top envelope (red arrows). The biggest thing that sticks out to me is the volume (pink arrows). Before every bounce to the upside, there is always a HUGE volume spike. Will we see another move up following this same pattern?
The PEAD projected a Bearish outlook for $CM after a Negative Under reaction following its earnings release placing the stock in drift D with an expected accuracy of 71.43%.
A large Up channel
Price right now is looking to push to the limit and hit the top of the up channel
Once this is hit price may be rejected and pushed back down to the bottom or out of the up channel
This will also be observed as a double bottom pattern , comparable to one seen earlier in prices evolution
Short term bullish
The PEAD projected a Bullish outlook for $CM after a Positive over reaction following its earnings release placing the stock in drift B with an expected accuracy of 37.5%.
I would be in around $56.29. The vwap is crossing the 50 SMA - which is often a nice indicator for me.
I play calls on this one and scalp it with options to make money and get out.
It is right at resistance but with the vwap crossing - it is worth the risk for me. Tight stop.
The PEAD projected a Bullish outlook for $CM after a Positive Under reaction following its earnings release placing the stock in drift A with an expected accuracy of 66.67%.
CM is at an all-time high.
A good PUT entry position would be close to $115
BlueWave is giving Red Dot sell signals + A Bearish Divergence
Stochastic RSI is OverBought
78% Fib Level acting as a potential Resistance level
Hello traders, CANADIAN IMPERIAL BANK OF COMMEERCE is in a bullish configartion with a hammer candle and high volume buy executed. On the TIMEFRAME M1 we see a dragon doji with a strong continuation of the volume of purchases made, it goes towards the top of the stabilization zone to retest it. Strong potential to breakout the price with the momentum of both the...
Hi friends
the weekly analysis of this market shows that we must wait for the breakout of resistance at the level 108.36 after positioning ourselves as much as the buyer the next objective is 107.22
The PEAD projected a bullish outlook following a positive under reaction for $CM placing the stock in Drift A
If you would like to see the Drift for another stock please message us. Also click on the Like Button if this was useful and follow us or join us.
All Canadian banks show similar patterns. Downtrend over the last 2+ years. Broke support to the downside last March leaving a decent size gap. Bounce over the last few weeks to cover the gap and fail at previous support, now resistance. going down imo.
