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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