The stock of Royal Bank of Canada (TSE:RY) gapped down by $0.05 today and has $78.85 target or 8.00% below today’s $85.71 share price. The 9 months technical chart setup indicates high risk for the $127.16 billion company. The gap down was reported on Nov, 16 by Barchart.com. If the $78.85 price target is reached, the company will be worth $10.17 billion less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 268,165 shares traded hands. Royal Bank of Canada (TSE:RY) has risen 13.57% since April 12, 2016 and is uptrending. It has outperformed by 8.89% 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 -4.13% below today’s ($85.71) stock price. RBC has been the topic of 30 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The stock of Royal Bank of Canada (TSE:RY) has “Underperform” rating given on Tuesday, November 1 by Bank of America. The company was maintained on Monday, August 17 by IBC. On Wednesday, September 21 the stock rating was maintained by Dundee Securities with “Neutral”. On Tuesday, August 4 the stock rating was maintained by National Bank Canada with “Sector Perform”. The stock of Royal Bank of Canada (TSE:RY) earned “Outperform” rating by Scotia Capital on Thursday, August 27. The firm has “Buy” rating by Desjardins Securities given on Tuesday, August 25.
More important recent Royal Bank of Canada (TSE:RY) news were published by: Cbc.ca which released: “Royal Bank hikes mortgage rates” on November 15, 2016, also Fool.ca published article titled: “Royal Bank of Canada Is a Terrific Pick for Income Investors”, Forbes.com published: “Ex-Div Reminder for Royal Bank of Canada (RY)” on October 20, 2016. More interesting news about Royal Bank of Canada (TSE:RY) was released by: Fool.ca and their article: “Royal Bank of Canada Upgrades Encana Corp.: Time to Buy?” with publication date: November 16, 2016.
Royal Bank of Canada , is a diversified financial services company. The company has a market cap of $127.16 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 12.49 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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