Royal Bank of Canada (RY) – Is The Recent Reaction Justified?

The stock of Royal Bank of Canada (NYSE:RY) has been Upgraded to Outperform from Neutral by Macquarie in its latest research note that was published on December 12. TD Securities analysts bumped their recommendation on RY stock from Hold to Buy in a separate flash note to investors on December 10. Analysts at Scotia Howard Weil issued an upgrade fromSector Perform to Sector Outperform for the stock, in a research note that dated back to September 10.

Royal Bank of Canada, which has current market capitalization of above $113 Billion, published its last quarter earnings on July 31, 2019.

RY surged by $0.75 during the normal trading session on Thursday and reaching a high of $79.00 during the day while it closed the day at $78.79. The Royal stock had a low trading volume of 1.99 million shares on that day, which is low compared to the average daily volume of 851.71M shares. RY has also gained 3.59% of its value over the past 7 days. However, the stock has surged by 1.97% in the 3 months of the year. Over the past six months meanwhile, it has gained 2.18% while it has added 14.99% year-on date. Let us now take a look at the stock’s potential support and resistance levels. The publicly traded company was seen to have slipped by -2.73% from its 3 months high price. However, taking another look at RY will indicate that it is trading +7.64% away from its 90-day low. Looking at the bigger picture, the Royal Bank of Canada stock has dropped by -3.4% from its 52-week high while it has surged by +19.81% from its 52-week low price.

Looking at the stock’s Technical analysis information over the past 50 days shows that its Raw Stochastic average stood at 71.68%. This figure is worse than the company’s 20-day Raw Stochastic average which currently stands at 96.38%. Over the past 20 days, Royal’s Stochastic %K stood at 97.04% while its Stochastic %D was revealed to be 95.93%.