Royal Bank of Canada: Bearish Diamond Anticipation
Royal Bank of Canada has confirmed a Diamond Top pattern on the weekly, along with a breaking of the Moving Average. Upon breaking down, I think it will start a move down all the way to the 88.6% Retrace, likely near $46. Since the Diamond is a Neutral pattern and we have not gotten an official breakdown yet, I will still be on the lookout for a breakout in the other direction, but I'm primarily positioned bearishly in puts.
Related publications
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.