Account suspended. This user was banned for violating the House Rules. The ban is for social activity only — participating in public chats, publishing ideas, commenting and so on. The ban has no effect on the functionality of the platform.
Technicals
- RSI on 1 4 and daily have bottomed out or are diverging from a long down trend
- broke out of a long daily downtrend
- broke out of a shorter daily downtrend (apr 23 - may 19)
- CM Williams Fix on 1hr shows Buy signal (feb 23 - apr 2)
- VERY strong support around 1.74 (1hr, 4hr, Daily charts)
- Volume has been declining on the down trend for the past...
Red arrows show where up-trend was broken
Green arrows show where price bounced down from previous up-trend (reversal indication)
If breaks below 44.15, downtrend should be confirmed
Currently looking at a long term (weekly) downtrend vs a shorter term uptrend (daily)
- Hitting daily support at $45
- Hitting lower daily bollinger band
- Somewhat negative signal on RSI, but nothing confirmative
- No earnings or dividends for 2 months - price will be more affected by technicals during this timeframe
2 trade possibilities
1. if long term...
Chart has notes, trend lines, and trading hypothesis. Note that my trend lines don't use strict candlestick high/low marks - they use high/low CLOSE values, and I try and have them cross through as many high/low close values as possible to confirm trends.
Looking for short confirmed breakdown below 38.85. Below that there is no support until around 38.22.
Indicators:
1. Double bounce off upper down trend
2. Didn't sustain rally after earnings
3. Broke bullish 4H MA down
4. Currently in a 4H downtrend and creeping on the convection point
No RSI confirmation either way, indicator is neutral.
The overall market correction is pulling everything down - at least for the short term (1-4 weeks), but for CIBC the fundamentals bulls will line up with the technical bulls around May 17th. Depending on Market conditions this could be a major swing for CIBC. Notes on technical analysis are in the chart.
I try to keep my charts clean and use only common,...
