Canadian Bank Stocks Poised For A Correction

It would appear that the large Canadian banks are poised for a significant correction. Here's a quick look at the daily & weekly charts of the three largest Canadian banks. At best, it would appear that RY.TO (Royal Bank of Canada) might have one more thrust higher within this bearish rising wedge, possibly to print a marginal new high before breaking below the pattern. RY.TO is currently challenging the previous all-time high from late 2014 which occurred just before the stock broke below its primary bull market uptrend line, where it has remained below since. It appears that the [...]

2016-10-12T10:22:36+00:00Oct 12, 2016 10:22am|Categories: Equity Market Analysis, Unofficial Short Ideas|Tags: , , , , , |3 Comments