The descending wedge pattern is clear on the 15 minute timeframe, so look out for confirmation of a bullish short term reversal.
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RBC stuck at the same range, not making a bull run in bull market - instead of adding more shorts to short CAD position (long on USDCAD + long on EURCAD for some time, see previous posts), found my gem short position. Odds in favour - Keep it REAL!
Two support levels to watch out for this one.
First one short term support level which extends over 2 years now.This support level is very close to the MAs as well.
Second one long term support level is originated in 2009 crash, RY may tank and this support may save them. If not then good luck to them.
Short NYSE:RY
Fundamentals
NYSE:RY has over $222 billion in debt, which are mostly mortgages sensitive to interest rates rising.
Interest rates will remain low, which will cause a falling dollar.
The Canadian oil industry is a lot worse than USA and other parts of the world with break even costs at $60-65+ for oil sands. See the WCS Western Canada...
Possibly interesting area here.
Monthly charts still showing an intact uptrend.
RY consolidating near the 50 ema on the weekly.
StochasticsRSI showing a bullish divergence.
The ideal scenario to watch for is a further pullback to the 50ema, Heiken Ashi turns from red to green, then a breakthrough of the descending the trend line.
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