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Stocks Under $10 with 50-100% upside potential - 14 days FREE!

5 Financial Stocks to Trade for Gains

Canadian Imperial Bank of Commerce

Things are looking somewhat less bullish for Canadian Imperial Bank of Commerce (CM), also known as CIBC, one of Canada's big-six banks. CIBC has been locked in a downtrending channel for most of the last six months, bounded by well defined resistance to the upside and support below. That channel provides short sellers with a quantifiable risk/reward tradeoff right now.

For investors looking to short CIBC, the ideal entry comes on a bounce off of trend line resistance. The key word there is bounce -- trend lines do eventually fail, and traders will need to see that the resistance level in this stock is still intact before taking a position in shares. When it happens, the price target to watch is a move back down to the bottom of the channel.

To see these plays in action, check out the Technical Setups for the Week portfolio at Stockpickr.

-- Written by Jonas Elmerraji in Baltimore.

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At the time of publication, author had no positions in stocks mentioned.

Jonas Elmerraji is the editor and portfolio manager of the Rhino Stock Report, a free investment advisory that returned 15% in 2008. He is a contributor to numerous financial outlets, including Forbes and Investopedia, and has been featured in Investor's Business Daily, in Consumer's Digest and on MSNBC.com.
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