Steve Eisman (depicted as Marc Baum in The Big Short movie) has publicly revealed the institutions he is shorting in anticipation of the next wave of credit normalization. They include RBC, CIBC, Home Capital Group, and Laurentian Bank. Steve has not revealed his targets or how far exactly the trade will go, so the estimates on the chart are my own. As you know,...
Next few weeks it's pretty important. Up or down, we'll see.
RY: Royal Bank of Canada 2019-02-27 08:44:00 Royal Bank of Canada to repurchase up to 20 million of its common shares
It appears RY is currently in the process of completing Wave 3.
The descending wedge pattern is clear on the 15 minute timeframe, so look out for confirmation of a bullish short term reversal. Hit like if you agree!
We are waiting for break up to continue the up trend and to take LONG position
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.
If RBC breaks below 95.50, it will most likely head lower. If the price cracks 97.50, then it could move higher.
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...
Relatively tight leech could be used, potential breakout
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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Go long from around 73.37 to take profit around 79.83. Stop loss around 71.80.