Royal Bank of Canada Stock Forecast

Royal Bank of Canada stock upgraded from Hold/Accumulate to Strong Buy Candidate after Tuesday trading session.
(Updated on Jul 02, 2024)

RY Signals & Forecast

The Royal Bank of Canada stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $106.31 and $105.76. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, May 31, 2024, and so far it has fallen -1.60%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for Royal Bank of Canada stock

On the downside, the stock finds support just below today's level from accumulated volume at $101.17 and $99.20. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Royal Bank of Canada finds support just below today's level at $101.17. If this is broken, then the next support from accumulated volume will be at $99.20 and $97.27.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $1.75 between high and low, or 1.65%. For the last week the stock has had daily average volatility of 1.04%.

Our recommended stop-loss: $103.37 (-3.86%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 23 days ago.)

Trading Expectations (RY) For The Upcoming Trading Day Of Wednesday 3rd

For the upcoming trading day on Wednesday, 3rd we expect Royal Bank of Canada to open at $107.04, and during the day (based on 14 day Average True Range), to move between $106.06 and $108.98, which gives a possible trading interval of +/-$1.46 (+/-1.35%) 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 2.71% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $108.40 (0.82%) than the support at $101.17 (5.91%), 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 positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.

Current score: 6.132 Strong Buy Candidate Upgraded

Predicted Opening Price for Royal Bank of Canada of Wednesday, July 3, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.