Last week, I told you that Canada’s unloved banking stocks appeared to be forming a bottom. Well, let’s forget about saying “appeared.” It’s now confirmed! Thanks to a late-week rally, all but two of Canada’s largest banks are now trading above their respective 50-day moving averages. On top of the positive technical development, we also got some encouraging fundamental news, which only increases the urgency. Here are all the details…
As I write, Canada’s “Big Six” are up an average of about 14% from their respective 52-week lows set on November 25. And almost all of them are now trading well above their 50-day moving averages. Simply put, the price action isn’t an anomaly. It’s the start of a definitive trend. A warranted one, no less, because Canadian bank stock fundamentals keep improving.
Source: Wall Street Daily
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