A large Up channel Price right now is looking to push to the limit and hit the top of the up channel Once this is hit price may be rejected and pushed back down to the bottom or out of the up channel This will also be observed as a double bottom pattern , comparable to one seen earlier in prices evolution Short term bullish
NYSE:CM Double Top Evening Star on 20 and 50 EMAs MACD reset and reaccelerating down Bottom trendline breaking
CM is at an all-time high. A good PUT entry position would be close to $115 BlueWave is giving Red Dot sell signals + A Bearish Divergence Stochastic RSI is OverBought 78% Fib Level acting as a potential Resistance level
Green line is CA10Y bond minus the average of the 5,2,1 and 3 month.
Confirmation: 99.65 (weekly candle) Invalidation: Local high Type of Trade: Countercyclical (EMA50 above EMA200) Target: 56.46 TF: Weekly Leverage: 2x Pattern: 1) monthly rising wedge reversal with 2) break of weekly support, and 3) break of major support line. Monthly view:
RY has filled a gap created back at the beginning of 2018 and we also see a potential large double top formation on the daily and weekly timeframes that is being formed by rejection. This is an opportunity to position short for a new downtrend on the lower timeframes, looking for support on the 8/1 Gann and as low as the 4/1 Gann. On the larger timeframe, don't...
Steve Eisman (depicted as Marc Baum in The Big Short movie) has publicly revealed the institutions he is shorting in anticipation of the next wave of credit normalization. They include RBC, CIBC, Home Capital Group, and Laurentian Bank. Steve has not revealed his targets or how far exactly the trade will go, so the estimates on the chart are my own. As you know,...
CIBC and BMO fell the most in 2008
Time to look for an entry here, best seems Canadian Imperial Bank of Commerce. Maybe it is better to wait for a small bounce and enter then/
Taking a look at the daily chart CIBC TSX:CM to see that it could be at a very decisive point around the $104 area. Price hit a major horizontal that acted as a strong resistance turned strong support with price hitting that level on multiple occasions with subsequently massive price movement to follow. * If price breaks this S/R level with conviction I will...
I think last week's pullback in equity markets was a good thing. The market got overheated and it gave us a reminder that stocks don't always rise. Memories and patience are short in the finance industry especially with some recent trends (blockchain) skewing people's perception that building wealth gets built overnight. Not the case, in the past 50 years of the...