RBC chart analysis showing a bullish shaven head candlestick
Reference the last chart analysis for the Royal Bank of Canada based on the weekly candlestick chart: Royal Bank chart analysis indicates a bottom
The key points from the above chart analysis of the Royal Bank are:
- Will there be follow-through in buying after the bullish shaven head candlestick?
- What will be the reaction on the chart to the earnings release this Friday?
- The intermediate trend is still down for RBC.
- The overall market action for the TSX Index must be taken into account.
- The intermediate trend for the TSX Index is still down.
- The gap (window) will act as support on any pullback.
- Major resistance level for RBC is around $50.00 on both the daily and weekly chart.
- There must be above average volume to sustain the near-term uptrend.
- The Relative Strength Indicator (RSI) is confirming the near-term uptrend.
Relevant articles picked from the Web:
- Concern over Canadian bank exposure to overleveraged consumers Financial Post, Nov 30, 2011
- TD, CIBC post higher profits Financial Post, Dec 1, 2011
- Canadian banks shine amid darkening clouds Financial Post, Dec 1, 2011
- Royal Bank of Canada profit beats estimates Reuters, Dec 2, 2011
- How RBC holds a margin over its rivals Globe and Mail, Dec 2, 2011
- RBC sees opportunity in euro crisis Financial Post, Dec 2, 2011
- Canada’s banks lending more for less as capital markets profits pinched Globe and Mail, Dec 2, 2011
- Banks can’t please fickle Street Financial Post, Dec 6, 2011
- Desjardins downgrades Bank of Montreal Globe and Mail, Dec 7, 2011
- TD only Big Six bank yielding below 4 per cent Globe and Mail, Dec 7, 2011
- Royal Bank of Canada and Bank of Montreal led four Canadian lenders in trimming 1,362 jobs Financial Post, Dec 9, 2011
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