Royal Bank of Canada Stock Forecast
Green day on Friday for Royal Bank of Canada stock after gaining 1.97%
(Updated on May 03, 2024)
The Royal Bank of Canada stock price gained 1.97% on the last trading day (Friday, 3rd May 2024), rising from $99.22 to $101.17. 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 1.32% from a day low at $99.99 to a day high of $101.31. The price has risen in 7 of the last 10 days and is up by 3.38% 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, 2 million shares were bought and sold for approximately $232.05 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 2.03% during the next 3 months and, with a 90% probability hold a price between $98.80 and $105.79 at the end of this 3-month period.
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RY Signals & Forecast
Mostly positive signals in the chart today. The Royal Bank of Canada stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $98.35 and $99.36. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 4.95%. Further rise is indicated until a new top pivot has been found. 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.
Support, Risk & Stop-loss for Royal Bank of Canada stock
Royal Bank of Canada finds support from accumulated volume at $99.85 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 $1.32 (1.32%) between high and low. For the last week, the stock has had daily average volatility of 1.41%.
Our recommended stop-loss: $96.04 (-5.07%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 13 days ago.)
Trading Expectations (RY) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Royal Bank of Canada to open at $100.82, and during the day (based on 14 day Average True Range), to move between $99.57 and $102.77, which gives a possible trading interval of +/-$1.60 (+/-1.58%) 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 3.16% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $102.34 (1.16%) than the support at $99.85 (1.30%), 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: 2.104 Buy Candidate Unchanged
Predicted Opening Price for Royal Bank of Canada of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $100.82 ( 0.343%) | $101.17 |
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 | 102.14 | 0.96 % | |
| R2 | 101.64 | 0.464 % | ||
| R1 | 101.33 | 0.156 % | ||
| Current price: | 101.17 | |||
| Support | S1 | 100.32 | -0.84 % | |
| S2 | 100.01 | -1.15 % | ||
| S3 | 99.50 | -1.65 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 103.05 | 1.86 % | |
| R2 | 102.78 | 1.59 % | ||
| R1 | 102.34 | 1.16 % | ||
| Current price | 101.17 | |||
| Support | S1 | 99.85 | -1.30% | |
| S2 | 99.20 | -1.95% | ||
| S3 | 97.27 | -3.85% |
RY Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 29, 2024 | Apr 24, 2024 | May 24, 2024 | $1.02 | 1.00% |
| 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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