Financials For The Win, Eh!

• Posted by Greg Harmon
• on May 6th, 2014

Financial stocks suck. I read and hear that everyday. It is easy to find banks that are moving lower if you are walking around any street in New York City. Or any city in the country. But have you looked at the banks from our neighbor to the north? Here are a couple.

Royal Bank of Canada, $RY, has been building an ascending triangle pattern, tightening against resistance since the February low. A move over that resistance at 67.50 targets a move to 74, and the momentum indicators are strong supporting price advancement.

Toronto Dominion Bank, $TD, is moving higher over a resistance area that has been in place since November and just a few cents from new all-time highs. The recent jump and then pullback before another move higher targets 49 on this leg up. The RSI and MACD are not quite as strong as in Royal Bank but do support more upward price action. So where are you going to put your money, eh?

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