Near-term uptrend for RBC: Can it break $52.00?
Chart for the Royal Bank of Canada shows the near-term uptrend with resistance at the 200-day simple moving average of $52.00. If the stock can break and hold above $52.00 for two days, this point will become the new support level. The reversal of roles from resistance to support or support to resistance is an important concept in technical analysis.
Please review my recent charts for RBC:
- Two breakaway gaps on the candlestick chart for RBC — Dec 2, 2011
- RBC chart analysis showing a bullish shaven head candlestick — Nov 30, 2011
- Royal Bank of Canada chart analysis indicates a bottom — Nov 11, 2011
Relevant articles picked from the Web:
- Canadian financials downgraded — Financial Post — Jan 5, 2012
- Canada’s banks may still be best TSX bet for 2012 — Financial Post — Jan 9, 2012
- Desjardins hikes RBC target after IFRS restatement — Globe Investor — Jan 23, 2012
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Note: This technical analysis is for educational purposes so you can learn to trade online using candlestick charts. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The chart snippets are from BigCharts.com which I recommend and have used for fifteen years. The author of this article may hold long or short positions in the featured stock or index.
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