Royal Bank of Scotland's Charts Are Uninspiring

We last looked at Royal Bank of Scotland (RBS) ADR at the end of 2016, when we concluded, "RBS has several months of resistance in the $6-to-$7.50 area and we are likely to see more sideways price action before RBS can attempt a rally into this resistance zone. Further downside testing of the $5-to-$4.50 area could also be possible in 2017." Let's examine the latest charts and indicators to see if our analysis from December needs updating.

In this updated daily bar chart of RBS, below, we can see that it was not until February that RBS was able to push briefly above $6.00, towards $6.50. Prices retreated quickly and have declined back into the $6.00-to-$5.50 area. Prices have rallied back to the 50-day moving average line today, but it remains to be seen whether this move up can continue. The 200-day moving average line is still pointed down/flattening/bottoming....264 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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