RBC $RY large head and shoulders pattern forming, as the correction in September 2011 and January 2016 formed the base for the left shoulder. While the rally from 2016 to 2018-2019 formed the head of the top.
Looking for RY to retrace to the base at $44 by March 2020.
Short term retrace to lows of December 2018.
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.
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...
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