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. Yesterday's price range of $74.60 and $75.12 is within the prior day'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.
There is potential upside of 4.8% for shares of Canadian Imperial Bank of Commerce based on a current price of $74.98 and an average consensus analyst 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.
Canadian Imperial Bank of Commerce share prices have moved between a 52-week high of $82.60 and a 52-week low of $56.29 and closed yesterday at 33% above that low price at $74.98 per share. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.4%.
SmarTrend is tracking the current trend status for Canadian Imperial Bank of Commerce and will alert subscribers who have CM in their portfolio or watchlist when shares have changed trend direction.
Keywords: bullish am inside day candle canadian imperial bank of commerce