Bank of Nova Scotia (The) Stock Forecast
Weaker technical forecast for Bank of Nova Scotia (The) as stock downgraded to Sell Candidate.
(Updated on Apr 19, 2024)
The Bank of Nova Scotia (The) stock price gained 0.365% on the last trading day (Friday, 19th Apr 2024), rising from $46.57 to $46.74. During the last trading day the stock fluctuated 1.27% from a day low at $46.50 to a day high of $47.09. The price has fallen in 6 of the last 10 days and is down by -6.45% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 453 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $76.84 million.
The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $46.55 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 7.18% during the next 3 months and, with a 90% probability hold a price between $49.89 and $56.41 at the end of this 3-month period.
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BNS Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 0.776%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Bank of Nova Scotia (The) stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $47.28 and $49.48. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Bank of Nova Scotia (The) stock
Bank of Nova Scotia (The) finds support from accumulated volume at $46.38 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 $0.590 between high and low, or 1.27%. For the last week, the stock has had daily average volatility of 1.89%.
Bank of Nova Scotia (The) is oversold on RSI14 (21). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BNS) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Bank of Nova Scotia (The) to open at $46.78, and during the day (based on 14 day Average True Range), to move between $45.92 and $47.56, which gives a possible trading interval of +/-$0.82 (+/-1.75%) up or down from last closing price. If Bank of Nova Scotia (The) takes out the full calculated possible swing range there will be an estimated 3.49% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $46.79 (0.11%) than the support at $46.38 (0.77%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Bank of Nova Scotia (The) stock A Buy?
The Bank of Nova Scotia (The) stock holds several negative signals and despite the positive trend, we believe Bank of Nova Scotia (The) will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.548 Sell Candidate Downgraded
Predicted Opening Price for Bank of Nova Scotia (The) of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $46.78 ( 0.0784%) | $46.74 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BNS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 47.37 | 1.34 % | |
| R2 | 47.14 | 0.86 % | ||
| R1 | 47.00 | 0.561 % | ||
| Current price: | 46.74 | |||
| Support | S1 | 46.55 | -0.404 % | |
| S2 | 46.41 | -0.702 % | ||
| S3 | 46.19 | -1.18 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 51.78 | 10.78 % | |
| R2 | 50.36 | 7.74 % | ||
| R1 | 46.79 | 0.107 % | ||
| Current price | 46.74 | |||
| Support | S1 | 46.38 | -0.770% | |
| S2 | 46.30 | -0.94% | ||
| S3 | 45.85 | -1.90% |
BNS Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 01, 2024 | Apr 01, 2024 | Apr 01, 2024 | $0 | 0% |
| 2 | Nov 29, 2023 | Jan 02, 2024 | Jan 29, 2024 | $0.777 | 1.66% |
| 3 | Nov 29, 2022 | Oct 02, 2023 | Oct 27, 2023 | $0.790 | 1.98% |
| 4 | Aug 30, 2023 | Sep 29, 2023 | Oct 27, 2023 | $0.780 | 1.95% |
| 5 | May 25, 2023 | Jul 05, 2023 | Jul 27, 2023 | $0.80 | 1.61% |
FAQ
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