RY.PR.M trade ideas
Short term bounce potential for Royal Bank of CanadaThe 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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SHORT RBCRBC 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!
RY quick analysisTwo 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.
RBC Support at 95.50If RBC breaks below 95.50, it will most likely head lower. If the price cracks 97.50, then it could move higher.
Short Royal Bank of Canada (RY)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 Select index.
Falling oil prices lead to a weaker dollar, but help exports.
Other Central Banks are raising interest rates, which will cause the CADUSD to weaken compared to others. This could cause a currency crisis which could lead to raising interest rates quickly.
Falling CADUSD is negative on Canadian equities.
Technicals and Trends
The long term trend line has been broken.
The 200 day moving average has been broken.
Notice the green oval, it is the same pattern in 2016 when the USDCAD was rising (CAD falling).
Disclaimer:
I am not a professional trader.
These are my personal notes for my use only.
I do not give trading advice.
I take no responsibility for any actions taken or losses occured from using the information provided.
Thanks and enjoy.
RY pullback to the 50 EMAPossibly 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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RY: Long to trend then shortGo long from around 73.37 to take profit around 79.83. Stop loss around 71.80.
RY time to fall?The Canadian economy is on a shaky foundation. And finally the Canadian banks look a bit wobbly.
