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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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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