Royal Bank of Canada Stock Forecast
Royal Bank of Canada stock price ended at $97.68 on Thursday, after gaining 0.422%.
(Updated on Apr 25, 2024)
The Royal Bank of Canada stock price gained 0.422% on the last trading day (Thursday, 25th Apr 2024), rising from $97.27 to $97.68. During the last trading day the stock fluctuated 2.22% from a day low at $95.84 to a day high of $97.97. The price has risen in 6 of the last 10 days but is still down by -2.67% for this period. Volume fell on the last day by -3 million shares and in total, 593 thousand shares were bought and sold for approximately $57.91 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the lower part of a weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $96.59 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 2.31% during the next 3 months and, with a 90% probability hold a price between $98.82 and $105.94 at the end of this 3-month period.
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RY Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, April 24, 2024, and so far it has risen 0.422%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Royal Bank of Canada stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $97.93 and $99.63. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Royal Bank of Canada stock
Royal Bank of Canada finds support from accumulated volume at $97.27 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $2.13 (2.22%) between high and low. For the last week, the stock has had daily average volatility of 1.58%.
Our recommended stop-loss: $92.13 (-5.68%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (RY) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Royal Bank of Canada to open at $97.16, and during the day (based on 14 day Average True Range), to move between $96.05 and $99.31, which gives a possible trading interval of +/-$1.63 (+/-1.67%) up or down from last closing price. If Royal Bank of Canada takes out the full calculated possible swing range there will be an estimated 3.35% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $97.97 (0.30%) than the support at $97.27 (0.42%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Royal Bank of Canada stock A Buy?
Royal Bank of Canada holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.574 Hold/Accumulate Unchanged
Predicted Opening Price for Royal Bank of Canada of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $97.16 ( 0.530%) | $97.68 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RY
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 99.29 | 1.65 % | |
| R2 | 98.48 | 0.82 % | ||
| R1 | 97.98 | 0.304 % | ||
| Current price: | 97.68 | |||
| Support | S1 | 96.35 | -1.36 % | |
| S2 | 95.85 | -1.88 % | ||
| S3 | 95.03 | -2.71 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 99.85 | 2.22 % | |
| R2 | 99.20 | 1.56 % | ||
| R1 | 97.97 | 0.297 % | ||
| Current price | 97.68 | |||
| Support | S1 | 97.27 | -0.420% | |
| S2 | 96.76 | -0.94% | ||
| S3 | 94.70 | -3.05% |
RY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 29, 2024 | Apr 24, 2024 | May 24, 2024 | $1.02 | 1.04% |
| 2 | Dec 01, 2023 | Jan 24, 2024 | Feb 23, 2024 | $1.02 | 1.03% |
| 3 | Aug 24, 2023 | Oct 25, 2023 | Nov 24, 2023 | $0.98 | 1.12% |
| 4 | May 25, 2023 | Jul 25, 2023 | Aug 24, 2023 | $1.03 | 1.13% |
| 5 | Mar 01, 2023 | Apr 24, 2023 | May 24, 2023 | $0.98 | 1.07% |
FAQ
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