Post by
HoneyBadger77 on Oct 18, 2024 1:08pm
TD - Technical Analysis
TD technicals are indicating that TD Share price is at or near its low and wants to break out above $78 but the CAD and US charts are telling a different (undecided) story on the RSI indicator.
CAD charts are showing the CAD share price as just above the oversold area (ready and wants to break out) while on the US charts the US share price is still in the oversold RSI area and hasn't popped above the oversold area just yet, so appears undecided (for now).
If the day traders and hedge funds can back off for just a bit and stop grabbing pennies, TD should break out and head to around $80 CAD pretty quick. Of course with the Law firms floodng the boards with their 'we're here for you' news releases, retail investors are still spooked and are holding back buying TD. I expect that with the great run up recently in the other major Canadian banks that the astute investors already are and will continue taking their profits on the now overpriced banks and moving cash into the beaten down TD shares now trading at a PE ratio of around 9x next years earnings (very cheap).
With an RBC shareprice of $100 CAD more than TD and RBC at a $247 Billion market cap and TD (Canada's scond largest bank) at $137 Billion it's not too hard to figure out that RBC is now overpriced and ready for a pull back and at least some of that money will flow back into TD shares. TD is the underdog but can't stay in the dog house forever. Today's low of $77.77 should be a good sign for those that believe in the lucky power of 7's, or maybe this just applies at casinos..Lol. Maybe this works with 8's too and we'll soon be back at $88.88?
My opinion only, please DYODD.
HB77