Royal Bank (RY:TSX) candlestick chart

Royal Bank of Canada chart analysis indicates a bottom
Candlestick chart analysis for the Royal Bank based on the weekly chart indicates a bottom with the RSI at an oversold level

Royal Bank (RY:TSX) Weekly Chart

The intermediate trend for RBC is sideways and the near-term trend is down. The $45.00 support level was tested in September, October and November: the support level has held. There is an old trading axiom that advises you to never try and catch a falling knife. But a small position at this level is a relatively low risk entry point as you monitor the chart for a breakout above resistance around the $50.00 level. A break below $45.00 would be a reason to liquidate the long positions.

Reference the last chart analysis for the Royal Bank of Canada based on the daily chart.

Review the fundamental data for RBC.

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The main purpose of is a starting point for your own chart analysis. Technical analysis serves as a guidepost in your daily investment analysis and is used in conjunction with fundamental analysis. There is no magic formula for making profits when you trade online in the stock market. We are all students of the market, and one should never give up reviewing and learning the basics. Visit the Advanced Chart Settings and customize BigCharts so you can review different time periods.


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 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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