While shares of the company are up around 8% year-to-date, those gains have come after a number of larger price swings that have taken RBC from large gains to losses and back in the last several months. Now, a move lower looks possible.
Shares of RBC are setting up a bearish descending triangle pattern right now -- a setup that suggests shares will move lower on a breakdown below the stock's current support levels. Right now, that support level is $55, a level that's already been tested more than five times since the summer, indicating that share prices are extremely averse to moving lower.If they do, however, a much larger downside move could be to come. Wait for that crack of the $55 level before betting against shares. >>Also: 3 Stocks to Bet Against