I am doubling my CIBC (CM.TO) short on test of $72.50 resistance about half an hour before the close. $72.50 is the 50% retracement level on that big dive in beginning of May. See Figure 1. Moreover, $72.50 is the bottom of a congestion zone in middle of May.
The trading volumes in CM.TO and the TSX index are weak. So I am betting that the market won’t follow through with this upward move.
Mental stop is $73.00 and $74.00 as hard stop.
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My name is Paul and I am a full-time engineer, part-time trader. Back in 2000, I deposited my $5000 interest-free student loan with an online broker. Since then, my interest in trading has become an obsession.
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[...] should be the last of my new position for a while. I have enough on the table with my CM.TO, HOD.TO, and this. My goal now is to move my stops to breakeven as soon as [...]