Royal BOC Rises Despite Expectations Of A Drop In Earnings

On Thursday (26/5) Royal Bank of Canada is schedule to announce its results for the quarter ending April 30. The bank’s EPS is estimated to register at $1.64 for the quarter. This value represents a 6.98% decrease compared to the same quarter in the previous year. However, the stock has currently failed to take any hits from the expected fall in earnings. On the hourly chart, the stock rocketed to 79.25. RSI is tracking the upward trend to the level of 67.2007, consolidating the bull flag. According to stochastic chart, the %K line (blue line) and %D line (red line) have entered the overbought territory but the blue line may cross the red line soon, and thus the stock is anticipated to reverse soon.

Trade suggestion

Buy at 79.25, Take profit at 79.68, Stop loss at 78.73

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