Update on Canadian Banks for 02.21.2009

All canadian banks remain technically weak and bearish with no signs whatsoever of a bottom at this time.

ROYAL BANK OF CANADA - RY-TC

Monthly chart shows new low made this month. Stock price remains well below all key moving averages on this timeframe. No buy signal/pattern evident on this timeframe.

Weekly chart shows continued downside weakness with no buy signal/pattern evident on this timeframe.

Daily chart shows new low made with Friday's trading session. Despite the lower low made, there were signs of aggressive buyers stepping back into the stock, but they were unable to hold onto most of their gains.

TORONTO DOMINION BANK OF CANADA - TD-TC

Monthly chart shows continued weakness with no buy signal/pattern evident on this timeframe.

Weekly chart remains extremely weak with no buy signal/pattern evident on this timeframe.

Daily chart shows that sellers gapped down Friday's trading session open in their haste to exit their positions. No buy signal/pattern evident on this timeframe.

BANK OF NOVA SCOTIA - BNS-TC

Monthly chart remains very weak with no buy signal/pattern evident on this timeframe.

Weekly chart remains weak with no buy signal/pattern on this timeframe.

Daily chart remains extremely weak with the price well below all key moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe.

CANADIAN IMPERIAL BANK OF COMMERCE - CM-TC

Monthly chart remains weak with index well below all key moving averages and the down trendline in place.

Weekly chart remains bearish with no buy signal/pattern evident on this timeframe.

Daily chart shows increasing downside momentum. Look for continuation lower. Downside targets are $35 to $30 area.

BANK OF MONTREAL - BMO-TC

Monthly chart remains bearish with no buy signal/pattern evident on this timeframe.

Weekly chart remains very weak with no buy signal/pattern evident on this timeframe.

Daily chart shows increasing downside momentum. No buy signal/pattern evident on this timeframe.

Update on Canadian Banks

All five major Canadian banks continue to show extreme weakness with no bottom in sight.

ROYAL BANK OF CANADA - RY-TC

Monthly chart remains bearish with no buy signal/pattern evident on this timeframe. Look for continuation lower in the days/weeks ahead.

CANADIAN IMPERIAL BANK OF COMMERCE (CIBC) - CM-TC

Monthly chart remains weak with no buy signal/pattern evident on this timeframe. Look for continuation lower in the days/weeks ahead.

TORONTO DOMINION BANK OF CANADA - TD-TC

Monthly chart shows continued weakness with no buy signal/pattern evident on this timeframe. Look for continuation lower in the days/weeks ahead.

BANK OF MONTREAL - BMO-TC

Monthly chart continues to show weakness with no buy signal/pattern evident on this timeframe. Look for continuation lower in the days/weeks ahead.

BANK OF NOVA SCOTIA - BNS-TC

Monthly chart continues to show weakness with no buy signal/pattern evident on this timeframe. Look for continuation lower in the days/weeks ahead.

The Toronto-Dominion Bank Analysis for 07.13.2008

THE TORONTO-DOMINION BANK - TD-TC

Monthly chart shows increasing selling pressure, with a lower high made May 2008. Price currently below all key moving averages. No buy signal/pattern evident on this timeframe.

Weekly chart better shows the lower high made during the month of May 2008. Bears came out in force this past week, increasing the selling pressure, and taking price back down to its March 2008 low. Pattern suggests continued weakness and downside pressure. First downside target is at $55 and second downside target at $50.40 area.

Daily chart shows bears gapping down the open of Friday's trading session in their haste to exit their positions, with the session closing near its low for the week. Price remains below all key moving averages as well as below the down trendline in place. No buy signal/pattern evident on this timeframe.

Update on Canadian Banks for 03.14.2008

All the Canadian Bank stocks continue to look weak in all timeframes. Look for lower lows in the week/s months ahead.

BANK OF NOVA SCOTIA - BNS-TC






TORONTO DOMINION BANK OF CANADA - TD-TC







CANADIAN IMPERIAL BANK OF COMMERCE - CM-TC








BANK OF MONTREAL - BMO-TC







ROYAL BANK OF CANADA - RY-TC

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.