This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Royal Bank of Scotland
Royal Bank of Scotland (RBS)

Will shares fall back towards recent lows of 150p or rally towards 260p highs?
Technical Observations
- Shares broke out bullishly above July falling highs
- Bullish breakout by the RSI
- Momentum & MACD are neutral
- Stochastics overbought
Broker Consensus: 16% Buy, 58% Hold, 26% Sell
Average 12-month target price: 189p, -3% (revisions possible)
Bullish: Berenberg, Hold, Target 250p, +28% (12 May)
Bearish: Natixis, Reduce, Target 155p, -21% (8 Aug)
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Prepared by Michael van Dulken, Head of Research