Downtrend Spotted in Shares of Canadian Imperial Bank of Commerce (CM)
SmarTrend identified a Downtrend for Canadian Imperial Bank of Commerce (NYSE: CM) on January 20, 2010 at $62.54. In approximately 2 weeks, Canadian Imperial Bank of Commerce has returned 3.1% as of today's recent price of $60.60.
Canadian Imperial Bank of Commerce is currently below its 50-day moving average of $64.05 and should find support at its 200-day moving average of $57.67. Look for these moving averages to decline to confirm the company's downward momentum.
SmarTrend will continue to scan these moving averages and a number of other proprietary indicators for any changes in momentum for shares of Canadian Imperial Bank of Commerce.
Write to Chip Brian at cbrian@tradethetrend.com
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