Bank of Nova Scotia Stock Forecast
Bank of Nova Scotia stock price ended at $63.15 on Thursday, after losing 1.51%.
(Updated on Apr 25, 2024)
The Bank of Nova Scotia stock price fell by -1.51% on the last day (Thursday, 25th Apr 2024) from $64.12 to $63.15. During the last trading day the stock fluctuated 1.61% from a day low at $62.56 to a day high of $63.57. The price has fallen in 6 of the last 10 days and is down by -5.72% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -2 million shares and in total, 8 million shares were bought and sold for approximately $483.91 million.
Given the current short-term trend, the stock is expected to rise 5.84% during the next 3 months and, with a 90% probability hold a price between $66.84 and $75.44 at the end of this 3-month period.
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BNS.TO Signals & Forecast
There are few to no technical positive signals at the moment. The Bank of Nova Scotia 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 $64.15 and $66.94. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 28, 2024, and so far it has fallen -9.88%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Bank of Nova Scotia stock
Bank of Nova Scotia finds support from accumulated volume at $62.89 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 $1.01 between high and low, or 1.61%. For the last week, the stock has had daily average volatility of 1.11%.
Bank of Nova Scotia is oversold on RSI14 (16). 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.TO) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Bank of Nova Scotia to open at $63.09, and during the day (based on 14 day Average True Range), to move between $62.23 and $64.07, which gives a possible trading interval of +/-$0.92 (+/-1.46%) 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 2.93% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $62.89 (0.41%) than the resistance at $65.90 (4.35%), 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?
The Bank of Nova Scotia stock holds several negative signals and despite the positive trend, we believe Bank of Nova Scotia will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -2.245 Sell Candidate Unchanged
Predicted Opening Price for Bank of Nova Scotia of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $63.09 ( 0.0897%) | $63.15 |
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 | 64.10 | 1.51 % | |
| R2 | 63.72 | 0.90 % | ||
| R1 | 63.48 | 0.521 % | ||
| Current price: | 63.15 | |||
| Support | S1 | 62.71 | -0.701 % | |
| S2 | 62.47 | -1.08 % | ||
| S3 | 62.08 | -1.69 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 67.66 | 7.14 % | |
| R2 | 67.44 | 6.79 % | ||
| R1 | 65.90 | 4.35 % | ||
| Current price | 63.15 | |||
| Support | S1 | 62.89 | -0.412% | |
| S2 | 62.87 | -0.443% | ||
| S3 | 62.38 | -1.22% |
BNS Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 27, 2024 | Apr 02, 2024 | Apr 26, 2024 | $1.06 | 1.68% |
| 2 | Feb 27, 2024 | Apr 01, 2024 | Apr 26, 2024 | $1.06 | 1.68% |
| 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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