SHORT Royal Bank of Canada at 168.8 due to divergences
Hello!
Id like to be short Royal Bank of Canada here at $168.8 as it has divergences vs Commonwealth Bank of Australia (Who are in a very similar position) and on its RSI.
We had a similar instance in 2023, that ignited a 20% decline in Royal Bank of Canadas share price.
Target is an 11% decline to the January 2022 high at $150.
Stop is just a couple of dollars above the current share price at $172.00. This allows a 6:1 risk reward ratio.
Thanks!
Kavi
Id like to be short Royal Bank of Canada here at $168.8 as it has divergences vs Commonwealth Bank of Australia (Who are in a very similar position) and on its RSI.
We had a similar instance in 2023, that ignited a 20% decline in Royal Bank of Canadas share price.
Target is an 11% decline to the January 2022 high at $150.
Stop is just a couple of dollars above the current share price at $172.00. This allows a 6:1 risk reward ratio.
Thanks!
Kavi
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