RE:RE:RE:CIBC: an analysis of the AC stock priceCharting is meant to measure investor psychology (and as an influencer and director of investor psychology too I might add) and not operational performance. Where investors have bought/where they have sold thereby indicating where there is support or resistance to further price changes based on human behaviours - loss avoidance, etc.
Like I said, I'm no technical analysis but that is the way I read the chart. More importantly I think is the reality that AC is trading at a compressed multiple relative to peers despite a relatively strong outlook. As such, and as I said yesterday, a small incrmental improvement in that multiple in a benign environment (should it stay as such) can have a significant impact on the share price and that should be enough to generate a successful long trade..