RBC Breakout Long Trade
RBC is seeing incredible growth. I've overlaid the last 4 quarters of sales and earnings growth from MarketSmith on the chart. Any company that can double their sales every quarter for a year has explosive upside.
The numbers of institutional funds who own the stock is steadily growing, and it is owned by some of the best-performing mutual funds including T.Rowe Price New Horizons and Lord Abbett Developing Growth.
After a huge rise over the summer, RBC stock has consolidated in a series of shallowing retracements as the stock works through sellers in the $250-$260 area. Once these sellers are exhausted and the weak hands are out, RBC will be further consolidated into institutional hands and free to continue its advance higher.
Traders could buy here with a 5% stop beneath the swing low or wait for a break of the trendline to initiate a buy.
DISCLOSURE: I own shares of RBC and have an order to buy more on a move above 254.10.
The numbers of institutional funds who own the stock is steadily growing, and it is owned by some of the best-performing mutual funds including T.Rowe Price New Horizons and Lord Abbett Developing Growth.
After a huge rise over the summer, RBC stock has consolidated in a series of shallowing retracements as the stock works through sellers in the $250-$260 area. Once these sellers are exhausted and the weak hands are out, RBC will be further consolidated into institutional hands and free to continue its advance higher.
Traders could buy here with a 5% stop beneath the swing low or wait for a break of the trendline to initiate a buy.
DISCLOSURE: I own shares of RBC and have an order to buy more on a move above 254.10.
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