Royal Bank of Scotland (NYSE:RBS)
Q: I was scrolling through some reports on Royal Bank of Scotland and noticed your name..."write to cbrian"......
A: We issued an Uptrend for RBS on April 17th (at $9.71) and, as is the case with many banks, has stayed in a general Uptrend since that time period. However, in recent weeks the stock has been in a sideways trading range, bouncing on the 50-day moving average. The 200-day moving average has declined rapidly as a result and as these two averages converge, the likelihood of a break up or down increases so that will be important for you to watch. If RBS can break above the 200-day average then look for a retest of the last recent top around $14. $20 will be the next resistance level after that which will be much tougher. Bank earnings this week will likely be a major catalyst.
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