Could National Bank of Canada Recover After Today’s Gap Up?

 Could National Bank of Canada Recover After Today's Gap Up?

The stock of National Bank of Canada (TSE:NA) gapped up by $0.07 today and has $79.90 target or 69.00% above today’s $47.28 share price. The 7 months technical chart setup indicates low risk for the $15.79 billion company. The gap was reported on Nov, 7 by Barchart.com. If the $79.90 price target is reached, the company will be worth $10.90B more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 433,805 shares traded hands. National Bank of Canada (TSE:NA) has risen 9.88% since April 1, 2016 and is uptrending. It has outperformed by 7.92% the S&P500.

National Bank of Canada (TSE:NA) Ratings Coverage

Out of 8 analysts covering National Bank Of Canada (TSE:NA), 4 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 50% are positive. $57 is the highest target while $35 is the lowest. The $49.36 average target is 4.40% above today’s ($47.28) stock price. National Bank Of Canada has been the topic of 38 analyst reports since August 12, 2015 according to StockzIntelligence Inc. The firm has “Neutral” rating by Dundee Securities given on Wednesday, September 21. The stock has “Sector Perform” rating given by RBC Capital Markets on Thursday, December 3. The rating was maintained by RBC Capital Markets with “Sector Perform” on Tuesday, September 29. The firm earned “Buy” rating on Wednesday, June 8 by Canaccord Genuity. The company was upgraded on Friday, June 3 by RBC Capital Markets. On Thursday, September 1 the stock rating was maintained by Desjardins Securities with “Hold”. The stock of National Bank of Canada (TSE:NA) earned “Sector Perform” rating by Scotia Capital on Thursday, August 27. The company was maintained on Thursday, September 1 by Scotia Capital. The firm earned “Hold” rating on Monday, September 19 by TD Securities.

More notable recent National Bank of Canada (TSE:NA) news were published by: Theglobeandmail.com which released: “National Bank of Canada in inaugural panda bond sale” on November 04, 2016, also Prnewswire.com with their article: “Lending Club Secures $1.3 Billion Purchase Program from National Bank of …” published on November 07, 2016, Theglobeandmail.com published: “National Bank approves $1.3-billion investment on Lending Club platform” on November 07, 2016. More interesting news about National Bank of Canada (TSE:NA) were released by: Theglobeandmail.com and their article: “National Bank woes underline struggles in fast-changing sector” published on October 27, 2016 as well as Marketwatch.com‘s news article titled: “National Bank of Canada issues its inaugural Panda Bond in Mainland China” with publication date: November 03, 2016.

National Bank of Canada is an integrated group, which provides financial services to consumers, small- and medium-sized enterprises (SMEs) and large firms in its domestic market and also offers specialized services internationally. The company has a market cap of $15.79 billion.

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