Daily Stock Report

Canadian Imperial Bank Of Commerce - (CM.TO) - January 11, 2022

Banks on both sides of the border have been climbing and moving up in the relative strength rankings this week heading into the start of US Bank Earnings Week on Friday. Yesterday, CIBC* (CM.TO) returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report from a short dip into the yellow zone. Yesterday it finished in 51st place, up 5 spots on the day and up 16 positions in the last month. 

A strong advance in the first part of 2021 for CIBC* (CM.TO) faded over the summer months and by December, the technicals were starting to look pretty bleak when the shares dropped below $140.00 support. This breakdown turned out to be a head fake, however, and following a one-day washout that established additional support near $130.00, the shares turned back upward and resumed their longer-term uptrend. 

Since retaking their 50-day moving average, the shares haven’t looked back, retaking $150.00 and then breaking through $152.00 to a new all-time high, completing a bullish Ascending Triangle pattern and signaling the start of a new upleg. 

Measured moves from recent trading ranges suggest next potential upside resistance tests appear near $162.00 then $168.00 on trend. Initial support moves up to the $150.00 round number from the 50-day average near $146.00.  

*Shares of CIBC are held in portfolios managed by SIA Wealth Management. 

After spending over a year consistently climbing in a High Pole advance, CIBC* (CM.TO) shares staged an overdue, healthy correction in November-December of about 10% or 5 rows. This month, the correction has ended and CM.TO has resumed its primary uptrend with a bullish Double Top breakout to a new all-time high above $155.00. 

Horizontal counts suggest next potential upside resistance may appear near $175.85 and then near $186.60 on trend. Initial support appears near $144.25 based on a 3-box reversal.  

With a perfect SMAX score of 10, CM.TO is exhibiting strength across the asset classes. 

*Shares of CIBC are held in portfolios managed by SIA Wealth Management. 

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