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,...
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!
Update on RY.
Royal Bank still consolidating productively on the weekly 50EMA.
Also finding support from the 200 day EMA.
Bullish StochRSI divergence remains.
Scenario 1 calls for a breakout to the upside. Position small if anticipating the breakout.
Scenario 2 calls for a break out support and a test of the 90 area.
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.