Canadian Imperial Bank of Commerce Stock Forecast
Canadian Imperial Bank of Commerce stock upgraded to Hold/Accumulate.
(Updated on Jul 02, 2024)
The Canadian Imperial Bank of Commerce stock price gained 1.57% on the last trading day (Tuesday, 2nd Jul 2024), rising from $47.28 to $48.02. During the last trading day the stock fluctuated 2.06% from a day low at $47.11 to a day high of $48.08. The price has risen in 6 of the last 10 days and is up by 1.12% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 237 thousand more shares were traded than the day before. In total, 739 thousand shares were bought and sold for approximately $35.51 million.
The stock is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Canadian Imperial Bank of Commerce stock with a 90% probability to be traded between $46.29 and $50.27 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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CM Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, July 01, 2024, and so far it has risen 1.57%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Canadian Imperial Bank of Commerce stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $48.06 and $48.55. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Canadian Imperial Bank of Commerce stock
Canadian Imperial Bank of Commerce finds support from accumulated volume at $47.57 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.97 between high and low, or 2.06%. For the last week the stock has had daily average volatility of 1.44%.
Our recommended stop-loss: $45.17 (-5.94%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 22 days ago.)
Trading Expectations (CM) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Canadian Imperial Bank of Commerce to open at $47.74, and during the day (based on 14 day Average True Range), to move between $47.19 and $48.85, which gives a possible trading interval of +/-$0.83 (+/-1.72%) up or down from last closing price. If Canadian Imperial Bank of Commerce takes out the full calculated possible swing range there will be an estimated 3.44% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $48.03 (0.02%) than the support at $47.57 (0.94%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Canadian Imperial Bank of Commerce stock A Buy?
Canadian Imperial Bank of Commerce holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.591 Hold/Accumulate Upgraded
Predicted Opening Price for Canadian Imperial Bank of Commerce of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $47.74 ( 0.590%) | $48.02 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CM
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 48.71 | 1.43% |
| R2 | 48.34 | 0.658% |
| R1 | 48.11 | 0.182% |
| Price | 48.02 | |
| S1 | 47.37 | -1.36% |
| S2 | 47.14 | -1.84% |
| S3 | 46.77 | -2.61% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 49.07 | 2.19% |
| R2 | 48.77 | 1.56% |
| R1 | 48.03 | 0.0208% |
| Price | 48.02 | |
| S1 | 47.57 | -0.94% |
| S2 | 47.40 | -1.29% |
| S3 | 47.00 | -2.12% |
CM Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 30, 2024 | Jun 28, 2024 | Jul 29, 2024 | $0.650 | 1.35% |
| 2 | Mar 01, 2024 | Mar 27, 2024 | Apr 29, 2024 | $0.664 | 1.40% |
| 3 | Dec 01, 2023 | Dec 27, 2023 | Jan 29, 2024 | $0.662 | 1.43% |
| 4 | Aug 31, 2023 | Sep 27, 2023 | Oct 27, 2023 | $0.640 | 1.84% |
| 5 | May 25, 2023 | Jun 27, 2023 | Jul 28, 2023 | $0.662 | 1.51% |
FAQ
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