Royal Bank of Canada another range bound bank
At this point you want to trade the stock in the range for income and watch for breaks above resistance or below support.
At this point you want to trade the stock in the range for income and watch for breaks above resistance or below support.
Currently the stock is more of a trade than a hold so make sure your investor profile can profit from the opportunity.
What you must remember when investing in a small cap stock is to take your profits when available and to set realistic expectation.
The six month chart illustrates the strong resistance along the 50 day moving average and neither the MACD nor RSI are signaling a change in momentum.
I like the story and at this point accumulating a position in a stock that is building a base is not a bad strategy.
The story is one of less than stellar performance and reduced dividends.
Canadian bank stocks have some challenges to deal with when it comes to moving higher.