Possible Bullish Inside Day Candle Pattern Detected for Canadian Imperial Bank of Commerce (NYSE:CM)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Canadian Imperial Bank of Commerce (NYSE:CM) based on the price action in the company's shares. Today's price range of $75.90 and $76.36 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Canadian Imperial Bank of Commerce may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.
Canadian Imperial Bank of Commerce provides banking and financial services to consumers, individuals, and corporate clients in Canada and around the world.
Over the past year, Canadian Imperial Bank of Commerce has traded in a range of $56.29 to $82.60 and is now at $76.30, 36% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.4%.
Canadian Imperial Bank of Commerce (NYSE:CM) has potential upside of 3.0% based on a current price of $76.30 and analysts' consensus price target of $78.58. Canadian Imperial Bank of Commerce shares have support at the 50-day moving average (MA) of $74.57 and additional support at the 200-day MA of $71.05.
SmarTrend is monitoring the recent change of momentum in Canadian Imperial Bank of Commerce. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Canadian Imperial Bank of Commerce in search of a potential trend change.
Keywords: bullish inside day candle canadian imperial bank of commerce