Globe editors have posted this research report with permission of Phases & Cycles Inc. This should not be construed as an endorsement of the report’s recommendations. For more on The Globe’s disclaimers please read here. The following is excerpted from the report:
On Bank of Montreal:
BMO traded in a horizontal trading range between $55 and $65 for more than three years. The stock pierced above the top of this range last July to start a new up-leg. No top formation is visible at present. A minor correction may occur but only a sustained decline below its 40-week Moving Average would be negative.
Look for a pullback toward the 40wMA (a 12-per-cent short-term depreciation risk) before the resumption of the long-term up-trend.
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- Royal Bank of Canada$79.45-0.32(-0.40%)
- Canadian Imperial Bank of Commerce$99.20+0.06(+0.06%)
- Bank of Nova Scotia$66.22-0.18(-0.27%)
- Toronto-Dominion Bank$56.95-0.05(-0.09%)
- National Bank of Canada$44.83-0.01(-0.02%)
- Bank of Montreal$83.69-0.27(-0.32%)
- CAN FINL NDX$248.35-0.69(-0.28%)
- Updated July 29 11:59 AM EDT. Delayed by at least 15 minutes.