Weekly Report No. 591    Analysis by: Harry Aloof     SEPTEMBER 22, 2008

ROYAL BANK OF CANADA (RY-NYSE): Technical Viewpoint: From a low of $42.01 on Aug 26, 2008 prices rallied, reaching a high of $47.50 on Sep 8, 2008. A decline saw prices pull back, reaching a low of $40.90 on Sep 17, 2008. Another rally saw prices penetrate resistance, closing 9/21/08 at $48.65. Technicals: MACD Index (MACD): A Buy Alert! was given on Sep 19, 2008 when the solid line crossed the dotted line to the upside. Support: Remains at $42.00. Resistance: Is at $49.48. Point & Figure: Reversed to the upside on Sep 18, 2008. A P&F upside reversal takes place at $45.00. Summary: Technical indicators have turned bullish. BUY! ROYAL BANK OF CANADA (RY-NYSE) @ $49.13 Stop: Use a protective stop of $47.13. ROYAL BANK OF CANADA is currently trading @ $48.65 plus $3.55 on Sep 21, 2008. Price Objective: $59.50. Risk/Reward: $2.00 VS. $10.37. Today's Risk Reward Ratio: 5:1