i don't know what you exactly mean when you say is { |m|, |M| } some kind of point?
We say that a function f is bounded on an interval, call it I, if there exists a K>0 such that
|f(x)|<K for every x in I. This means that f(x) will lay between -K and K that is -K<f(x)<K for all x's in I. Now, asuume that f is continusous in a closed interval [a,b], so it means that in this interval the function reaches it's max and min values. That is there are two points c, d, on the interva. (a,b) such that f(c)=m, and f(d)=M. What this is telling us is that
m\leq f(x)\leq M for all x in [a,b]. This tells us that the function is bounded. Now let K=max{|m|,|M|} we take abs in here since our function might as well be negative, so
|f(x)|\leq K=>-K\leq f(x)\leq K But K is either |m| or |M| whichever of these is greater in abs value.
Say for example that both m and M are positive, then what this is telling us is that for all x's in [a,b] -M<f(x)<M, but if say both m and M are negative then |m|>|M| so this is telling us that
-|m|<f(x)<|m| for all x
s in [a,b]