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Corner of Bay Street and Adelaide streets in Toronto. July 25, 2013.
Corner of Bay Street and Adelaide streets in Toronto. July 25, 2013.
(Gloria Nieto/The Globe and Mail)

What the charts are signalling right now about Canadian banks

The technical analysts at Montreal-based Phases & Cycles have some good news for shareholders of Canada’s Big Six banks: the current correction will offer some buying opportunities in the short-term but then the profit party will resume.

Investors who heed technical signals may want to pay attention to the support levels outlined for the following stocks. The analysts expect each stock to test its 200-day moving average, but remain in an overall uptrend, so the current dips could be a good opportunity to increase positions.