Taking a look at the daily chart CIBC 
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 look to enter on a pullback to the S/R level
* If price bounces off this level this week I would cautiously enter a long position with a stop just below the S/R level
Considering the current market conditions and with this being the third retest of the S/R Level coupled with the 100EMA/200EMA bearish cross I'm inclined to favour the bearish scenario over the bullish in this case.
Trade Wisely,
Chloster
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 look to enter on a pullback to the S/R level
* If price bounces off this level this week I would cautiously enter a long position with a stop just below the S/R level
Considering the current market conditions and with this being the third retest of the S/R Level coupled with the 100EMA/200EMA bearish cross I'm inclined to favour the bearish scenario over the bullish in this case.
Trade Wisely,
Chloster
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.