The Canadian Technician

Canadian Banks - Ready To Run?

 | 

The Canadian Banks are trying to turn up. The group has been under pressure lately, but perhaps its time to buy?

Here's BMO. The Canadian banks have not had this price action weakness in 5 years. The SCTR is bouncing from its lowest level on the chart. Nice positive divergence on the Stochastics. The PPO looks ready to break the downward trend.


RBC looks similar. Weak SCTR turning up.

TD already started the move. Trying to make new all time highs. SCTR moving above 75. 

CIBC looks very interesting with a push to get above the base. SCTR turning up from a very weak level. 

ScotiaBank looks great.

National Bank is making new highs so that is great price action.

If you like to buy strength, Canadian Western is kicking it up with fresh three year highs.

The banks look enticing here. Trade well.

Good trading,
Greg Schnell, CMT, MFTA

Enjoy this article? Hear more from Greg Schnell at

August 10th & 11th, 2018


See how the experts are protecting themselves from market volatility and reducing risk in uncharted waters

Join us online this August for two full days of investing insights, charting wisdom and market commentary from the industry's leading technicians. Streaming live wherever you are, you'll learn exactly how the experts are navigating the market's changing tides and remaining profitable in all conditions.

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018). Learn More
Subscribe to The Canadian Technician to be notified whenever a new post is added to this blog!
comments powered by Disqus