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What the charts are saying about Canada's Big Six bank stocks

Bank towers jut into the sky at the corner of Bay and Adelaide streets in Toronto.

Gloria Nieto/The Globe and Mail

Globe editors have posted this research report with permission of Phases & Cycles Inc. 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:

On Bank of Montreal:

BMO traded in a horizontal trading range between $55 and $65 for more than three years. The stock pierced above the top of this range last July to start a new up-leg. No top formation is visible at present. A minor correction may occur but only a sustained decline below its 40-week Moving Average would be negative.

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Look for a pullback toward the 40wMA (a 12-per-cent short-term depreciation risk) before the resumption of the long-term up-trend.

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About the Authors
Senior Technical Analyst at Phases & Cycles Inc.

Monica Rizk, Senior Technical Analyst, has a Bachelor's degree in Business Administration and completed the Canadian Securities Institute course. She has been with Phases & Cycles since September 2000 and specializes in the research of Canadian and US stocks using Point & Figure as well as bar chart analysis. More

President of Phases & Cycles Inc.

Ron Meisels, President, Phases & Cycles Inc., has been active as an Analyst since 1971. He was Vice President and Director of Technical Research of Nesbitt Thomson (now BMO Nesbitt Burns) from 1982 to 1990. He was ranked among the top three technical analysts by Canadian Institutions for six consecutive years (Brendan Wood Survey). More

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