Royal Bank of Canada chart analysis indicates a bottom
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.
Relevant articles picked from the web:
- Canada’s banks brace for indirect exposure to Italian debt — Globe Investor, Nov 14, 2011
- Near term looks weak for Canadian banks — Financial Post, Nov 17, 2011
- Royal bank trading at rare discount — Financial Post, Nov 17, 2011
- What to expect from Canada’s banks — Financial Post, Nov 28, 2011
- Are Canadian banks deeply oversold? — Financial Post, Nov 29, 2011
- BMO is the first to miss consensus estimates — Financial Post, Dec 6, 2011
- Laurentian Bank upgraded, more dividend hikes expected — Financial Post, Dec 8, 2011
- Outlook lowered for Canadian banks — Financial Post, Dec 14, 2011
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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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