Canadian Banks Analysis for 03.02.2008

Are Canadian bank stocks due for an even bigger tumble?

ROYAL BANK of CANADA not increasing its dividends.

ROYAL BANK OF CANADA - RY-TC

Monthly chart shows continued weakness, with no buy signal/pattern evident on this timeframe. IF we have 5 waves up into current $61 area resistance, THEN look for an abc 3 wave retracement of the whole move up. This takes us to a target at the .618 fib retracement of $28.20ish.

More bad news for CIBC?

CANADIAN IMPERIAL BANK OF COMMERCE - CM-TC

Monthly chart continues to show selling pressure. No buy signal/pattern evident on this timeframe.

Bank of Montreal is not immune to credit mess.

BANK OF MONTREAL - BMO-TC

Monthly chart shows continued selling. No buy signal/pattern evident on this timeframe. Downside target is $37.80ish.

Headwinds remain for TD Bank.

TORONTO DOMINION BANK -TD-TC

Monthly chart continues to show selling pressure. Price is currently below the up trendline in place, and also below the 8ema. Look for continued weakness and a further tumble in stock price.

Bank of Nova Scotia not out of the woods yet regarding their role in the ABCP fiasco.

BANK OF NOVA SCOTIA - BNS-TC

Monthly chart shows continued selling pressure. No buy signal/pattern evident on this timeframe.

Did National Bank of Canada do the right thing?

NATIONAL BANK OF CANADA - NA-TC

Monthly chart shows increasing selling pressure. Possible 5 waves up into current $67 area resistance. IF we have 5 waves up, THEN look for abc 3 wave correction of the whole move up. No buy signal/pattern evident on this timeframe.