Royal Bank of Canada Stock Forecast
Royal Bank of Canada stock price up 0.91% on Tuesday
(Updated on Jul 02, 2024)
The Royal Bank of Canada stock price gained 0.91% on the last trading day (Tuesday, 2nd Jul 2024), rising from $145.65 to $146.97. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.31% from a day low at $145.32 to a day high of $147.22. The price has risen in 7 of the last 10 days and is up by 3.3% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 6 million shares were bought and sold for approximately $901.33 million.
The stock lies in the middle of a weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 8.74% during the next 3 months and, with a 90% probability hold a price between $154.11 and $166.53 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
RY.TO 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 $145.01 and $144.62. A breakdown below any of these levels will issue sell signals. 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 -1.35%. Further fall is indicated until a new bottom pivot has been found. 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 $142.03 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $1.90 between high and low, or 1.31%. For the last week the stock has had daily average volatility of 0.95%.
Our recommended stop-loss: $140.08 (-4.69%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 53 days ago.)
Trading Expectations (RY.TO) 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 $146.50, and during the day (based on 14 day Average True Range), to move between $145.22 and $148.72, which gives a possible trading interval of +/-$1.75 (+/-1.19%) 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 2.39% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $147.12 (0.10%) than the support at $142.03 (3.36%), 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?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Royal Bank of Canada stock to perform well in the short-term.
Current score: 3.270 Buy Candidate Unchanged
Predicted Opening Price for Royal Bank of Canada of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $146.50 ( 0.318%) | $146.97 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RY.TO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 148.40 | 0.98% |
| R2 | 147.68 | 0.481% |
| R1 | 147.23 | 0.176% |
| Price | 146.97 | |
| S1 | 145.78 | -0.81% |
| S2 | 145.33 | -1.12% |
| S3 | 144.60 | -1.61% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 148.98 | 1.37% |
| R2 | 148.27 | 0.88% |
| R1 | 147.12 | 0.102% |
| Price | 146.97 | |
| S1 | 142.03 | -3.36% |
| S2 | 135.93 | -7.51% |
| S3 | 134.57 | -8.44% |
RY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 25, 2024 | Jul 25, 2024 | Aug 23, 2024 | $1.42 | 0.97% |
| 2 | Feb 28, 2024 | Apr 25, 2024 | May 24, 2024 | $1.38 | 0.96% |
| 3 | Feb 28, 2024 | Apr 24, 2024 | May 24, 2024 | $1.38 | 0.96% |
| 4 | Nov 30, 2023 | Jan 25, 2024 | Feb 23, 2024 | $1.38 | 1.04% |
| 5 | Nov 30, 2023 | Jan 24, 2024 | Feb 23, 2024 | $1.38 | 1.04% |
FAQ
Click here for our free guide on how to buy Royal Bank of Canada Stock.
