Bank of Nova Scotia Stock Forecast
Bank of Nova Scotia stock price up 1.31% on Friday
(Updated on May 03, 2024)
The Bank of Nova Scotia stock price gained 1.31% on the last trading day (Friday, 3rd May 2024), rising from $63.30 to $64.13. During the last trading day the stock fluctuated 1.01% from a day low at $63.64 to a day high of $64.28. The price has been going up and down for this period, and there has been a -0.23% loss for the last 2 weeks. Volume fell on the last day by -459 thousand shares and in total, 4 million shares were bought and sold for approximately $239.10 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $63.27 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Bank of Nova Scotia stock with a 90% probability to be traded between $64.36 and $71.77 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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BNS.TO Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, April 25, 2024, and so far it has risen 1.55%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Bank of Nova Scotia stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $66.27. On a fall, the stock will find some support from the short-term average at $63.50. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
Support, Risk & Stop-loss for Bank of Nova Scotia stock
Bank of Nova Scotia finds support from accumulated volume at $64.12 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.640 between high and low, or 1.01%. For the last week, the stock has had daily average volatility of 1.14%.
Our recommended stop-loss: $60.74 (-5.29%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (BNS.TO) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Bank of Nova Scotia to open at $64.02, and during the day (based on 14 day Average True Range), to move between $63.26 and $65.00, which gives a possible trading interval of +/-$0.87 (+/-1.36%) up or down from last closing price. If Bank of Nova Scotia takes out the full calculated possible swing range there will be an estimated 2.71% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $64.12 (0.02%) than the resistance at $65.90 (2.76%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Bank of Nova Scotia stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Bank of Nova Scotia stock to perform well in the short-term period.
Current score: 2.655 Buy Candidate Unchanged
Predicted Opening Price for Bank of Nova Scotia of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $64.02 ( 0.177%) | $64.13 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BNS.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 64.66 | 0.82 % | |
| R2 | 64.41 | 0.440 % | ||
| R1 | 64.26 | 0.205 % | ||
| Current price: | 64.13 | |||
| Support | S1 | 63.77 | -0.558 % | |
| S2 | 63.62 | -0.793 % | ||
| S3 | 63.38 | -1.17 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 67.66 | 5.50 % | |
| R2 | 67.44 | 5.16 % | ||
| R1 | 65.90 | 2.76 % | ||
| Current price | 64.13 | |||
| Support | S1 | 64.12 | -0.0156% | |
| S2 | 63.62 | -0.795% | ||
| S3 | 63.15 | -1.53% |
BNS Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 27, 2024 | Apr 02, 2024 | Apr 26, 2024 | $1.06 | 1.67% |
| 2 | Feb 27, 2024 | Apr 01, 2024 | Apr 26, 2024 | $1.06 | 1.67% |
| 3 | Nov 28, 2023 | Jan 03, 2024 | Jan 29, 2024 | $1.06 | 1.69% |
| 4 | Nov 28, 2023 | Jan 02, 2024 | Jan 29, 2024 | $1.06 | 1.69% |
| 5 | Aug 29, 2023 | Oct 03, 2023 | Oct 27, 2023 | $1.06 | 1.91% |
FAQ
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