RBC Back In The GreenRoyal Bank of Canada reported Q4 earnings yesterday and stock-holders were pleased to see that the report bank came in above estimates, following the miss in Q3. RBC reported earnings per share of $2.23, above the $2.15 result the market was looking for. Revenues were also higher than expected at $9.493 billion, beating estimates of $9.275 billion.RBC attributed the growth in earnings to higher profits from its wealth management business, alongside higher loan growth. On the downside, the bank note that mortgages had slowed down heavily with mortgage growth expected to be slower over the year as the BOC continues raising rates. However, overall, the bank expected to benefit from current and projected BOC rate hikes keeping the near term outlook positive for the bank.Technical ViewsRYThe correction lower from recent highs above the 116 level has seen the market trading within a well defined bear channel. Price is now testing a key area at the 105.21 level where we have structural support, the bear channel low and also the long-term bull trend line from 2020 lows. While this region holds, the focus is on further upside, with bulls looking to get back above the 110.23 level. However, with both MACD and RSI turned lower, a break below here will open the way for a test of 98.02 next.
Source: Tickmill
