Wednesday, October 3, 2007

Royal Bank Stock Going Up?


Every once in a while I stumble upon a stock chart that has some good forecasting patterns. I guess because I have some money in a Dividend Mutual Fund that includes Canadian Bank stocks such as Royal Bank - I follow the charts on a casual basis. This forecast will not change anything I do with money....it is just for academic amusement.


Contrary to what you might have heard, there are recurring patterns in stock price charts, and some times, they have predictive value. In this case, Royal Bank has been down for the last 4 months or so and the question is...will it go back up soon or what? I noticed that it appears to have just completed a bottom pattern that predicts a minimum increase to near $59. There's more... this apparent short-term bottom, and turn upwards, is consistent with the Elliott Wave Count. In addition, because the last high was $60, there's a good chance that a turn upwards, at this time, will carry on to new highs above $60.
The Bank of Montreal (BM), down from $73 for the last 5 months, may also be on the threshold of completing a short-term bottom and turning upwards pattern as well. This one needs a little more time to clarify.
I also see that the TD Bank recently completed a bottom pattern and rocketed to a new high. Yesterday's free-fall drop for TD is a normal reaction following a very fast advance...likely very temporary.
It will be interesting to follow what happens here.

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