Sunday, July 13, 2008

Royal Bank of Canada Analysis for 07.13.2008

ROYAL BANK OF CANADA - RY-TC

Monthly chart shows the May 2007 high was made with regular divergence noted on the CCI indicator. Price continues to make lower highs and lower lows, indicating that the trend is down. Stock price remains below all key moving averages on this timeframe. No buy signal/pattern evident on this timeframe.

Weekly chart better shows the lower highs and lower lows being made. Price below all key moving averages on this timeframe. No buy signal/pattern evident on this timeframe.

Daily chart shows possible 5 waves down into current $41.82 low. Bears were in a hurry to exit their positions, and they gapped down the open on Friday's trading session, and made a lower low for the year. Friday's low was made with regular divergence on the CCI indicator. Possible consolidation/trading range before next leg lower. Price remains below all key moving averages as well as the down trendline in place. No buy signal/pattern evident on this timeframe at this time.

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