Globe editors have posted this research report with permission of Phases & Cycles. This should not be construed as an endorsement of the report’s recommendations. For more on The Globe’s disclaimers please read here. The following is excerpted from the report:
Four out of the six major Canadian Banks experienced gains in 2023. Bank of Nova Scotia had the worst results while Canadian Imperial Bank of Commerce (CIBC) had the largest gains for the year.
Bank of Montreal, CIBC and Royal Bank appear to have started new uptrends, Bank of Nova Scotia remains in a long-term downtrend and National Bank needs a breakout above resistance. Although TD Bank had the best overall performance in 2023, it has not broken out.
In this report, we take a closer look at the individual charts and identify important levels to watch for.
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