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$81.92-0.31(-0.38%)
- Canadian Imperial Bank of Commerce$102.20+0.77(+0.76%)
- Bank of Nova Scotia$68.37+1.02(+1.51%)
- Toronto-Dominion Bank$57.53+0.38(+0.66%)
- National Bank of Canada$47.18+0.41(+0.88%)
- Bank of Montreal$86.36+0.09(+0.10%)
- CAN FINL NDX251.54+0.94(+0.38%)
- Updated August 24 1:34 PM EDT. Delayed by at least 15 minutes.