Bullish sign for RBS

Recognia says the share price of Royal Bank of Scotland Group PLC is likely to rise from the close of 357.40.

The LSE-listed share (RBS), which is currently under the spotlight because of a potential multi-billion pound share buyback, has confirmed a Triple Moving Average Crossover according to Recognia’s proprietary pattern recognition software.

In Recognia’s words: “The price is generally in an established trend (bullish) for the time horizon represented by the moving average periods… In the triple crossover method, a bullish signal is generated when a faster moving average (4 bar) crosses above an intermediate moving average (9 bar), which in turn crosses above a slower moving average (18 bar). In this state, the price is likely in an established uptrend.”

See chart.