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Possible Bullish Inside Day Candle Pattern Detected for Royal Bank of Canada (NYSE:RY)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Royal Bank of Canada (NYSE:RY) based on the price action in the company's shares. Yesterday's price range of $57.97 and $58.72 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Royal Bank of Canada may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Royal Bank of Canada is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services. Royal Bank offers its services to personal, business, public sector and institutional clients with operations worldwide.

Over the past year, Royal Bank of Canada has traded in a range of $44.37 to $66.72 and closed yesterday at $58.63, 32% above that low. The 200-day and 50-day moving averages have moved 0.01% higher and 1.27% higher over the past week, respectively.

Royal Bank of Canada (NYSE:RY) has potential upside of 3.7% based on a current price of $58.63 and analysts' consensus price target of $60.83. Royal Bank of Canada shares have support at the 50-day moving average (MA) of $57.47 and additional support at the 200-day MA of $55.25.

SmarTrend is monitoring the recent change of momentum in Royal Bank of Canada. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Royal Bank of Canada in search of a potential trend change.

Keywords: bullish am inside day candle royal bank of canada

Ticker(s): RY