Is Royal Bank of Canada’s Fuel Running High? The Stock Just Gapped Up

 Is Royal Bank of Canada's Fuel Running High? The Stock Just Gapped Up

The stock of Royal Bank of Canada (TSE:RY) gapped up by $0.05 today and has $99.94 target or 20.00% above today’s $83.28 share price. The 8 months technical chart setup indicates low risk for the $123.52B company. The gap was reported on Nov, 7 by Barchart.com. If the $99.94 price target is reached, the company will be worth $24.70B more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 810,858 shares traded hands. Royal Bank of Canada (TSE:RY) has risen 9.27% since April 1, 2016 and is uptrending. It has outperformed by 7.31% the S&P500.

Royal Bank of Canada (TSE:RY) Ratings Coverage

Out of 7 analysts covering RBC (TSE:RY), 3 rate it a “Buy”, 2 “Sell”, while 2 “Hold”. This means 43% are positive. $100 is the highest target while $58 is the lowest. The $82.17 average target is -1.33% below today’s ($83.28) stock price. RBC has been the topic of 30 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The firm earned “Outperform” rating on Monday, August 17 by IBC. The firm earned “Buy” rating on Tuesday, August 25 by Desjardins Securities. National Bank Canada maintained it with “Sector Perform” rating and $80 target price in Tuesday, August 4 report. Scotia Capital maintained Royal Bank of Canada (TSE:RY) rating on Thursday, August 27. Scotia Capital has “Outperform” rating and $79 price target. Dundee Securities maintained it with “Neutral” rating and $87 target price in Wednesday, September 21 report. The rating was initiated by Bank of America on Tuesday, November 1 with “Underperform”.

More recent Royal Bank of Canada (TSE:RY) news were published by: Forbes.com which released: “Ex-Div Reminder for Royal Bank of Canada (RY)” on October 20, 2016. Also Business.Financialpost.com published the news titled: “Royal Bank of Canada upgraded to buy” on October 13, 2016. Reuters.com‘s news article titled: “MOVES- Roman retires from Royal Bank of Canada” with publication date: October 11, 2016 was also an interesting one.

Royal Bank of Canada , is a diversified financial services company. The company has a market cap of $123.52 billion. The Firm provides personal and commercial banking, wealth management services, insurance, investor services and capital markets services and products on a global basis. It has a 12.13 P/E ratio. The Firm serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.

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