After a good run TSX:CM is up around 12% from the time of writing since the last chart was put out. (Link at bottom)
As there is plenty of resistance around this level i think it's best to sell. I think we could see a very deep retrace from here, so I'll be watching to re-buy around $100 if I can!
Keep watching for bullish price action below, and don't get greedy! Overall i consider this stock a really good pick! Definitely a keeper, with a great dividend. Not expecting it to break lower trendline.
Is this a minor top? This would be the ideal scenario. However, not 100% confident this is the top. Still hoping to buy around $100~ Right now looking like the bottom should be $99-102~
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Close to major resistance again. No point in going long here, the risk isn't worth the reward. Will consider a long, with a break over $112. Otherwise still aiming for that $100 ish area.
Nailed it. Would be wondering how you would express this with options?
SpiralGraph
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@JekkTrade, sorry I didn't even get a notification you replied. But tbh I don't trade options. Just long / short. Easier to me.
I would consider using options to reduce risk on market overreactions (ex. covid19 selloff) by buying calls with 1 year~ expiry dates though.
Tack9000
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@SpiralGraph, You made a good call btw. I had sold off at $113 and was very happy to do so!