- Solid trading session sets up assault on pivotal resistance at $47.8; currently 33 cents away
- S&P Global's upper Bollinger Band® is at $363.53.
Around $47.88, Canadian Imperial Bank of Commerce can look to establish a new bullish phase beyond its 5 day Simple Moving Average. On the other hand, note that it will be interesting to follow how Canadian Imperial Bank of Commerce's run now faces a challenge at $47.8, which is only 33 cents away.
Examining the technical analysis landscape, Canadian Imperial Bank of Commerce might continue its downtrend in the short term.
Despite posting gains on Friday, The Hartford slid below its 10 day Simple Moving Average at $73.23 during the last session — an early indicator that a negative trend could be emerging. The Hartford's upper Bollinger Band® is at $75.41. The Hartford's run now faces a challenge at $74.48, which is only 80 cents away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest The Hartford is set for a reversal in the coming days.
Price action pushed below a known Fibonacci support level at $346.23 by around 36.07 cents with prices hammering out a $340.41 – $353.11 range by session close. In contrast, S&P Global's downtrend might be halted by its support level at $339.82, which is only $6.05 away.
$70.72 marks the crossover point where Popular price action falls below its 21 day Simple Moving Average. Despite this, $68.44 is only 96 cents away for Popular and might put a stop to its current downtrend.
Despite the market lacking direction, technical chart analysis strongly suggests Popular is positioned for a downward move in the near term.