RY (RBC BANK) | Watch For Rejection and New Downtrend
RY has filled a gap created back at the beginning of 2018 and we also see a potential large double top formation on the daily and weekly timeframes that is being formed by rejection. This is an opportunity to position short for a new downtrend on the lower timeframes, looking for support on the 8/1 Gann and as low as the 4/1 Gann.
On the larger timeframe, don't forget Steve's trade (targets are my own though):
PS. Some Index funds might be worth shorting as well.
On the larger timeframe, don't forget Steve's trade (targets are my own though):
PS. Some Index funds might be worth shorting as well.
Note
Hugging the trendline!Note
Note
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.