Bullish Gap Up for Bank of Nova Scotia After Better Fundamentals

 Bullish Gap Up for Bank of Nova Scotia After Better Fundamentals

The stock of Bank of Nova Scotia (TSE:BNS) gapped up by $0.01 today and has $113.51 target or 56.00% above today’s $72.76 share price. The 6 months technical chart setup indicates low risk for the $88.24B company. The gap was reported on Nov, 21 by Barchart.com. If the $113.51 price target is reached, the company will be worth $49.41 billion 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 1.42 million shares traded hands. Bank of Nova Scotia (TSE:BNS) has risen 13.14% since April 15, 2016 and is uptrending. It has outperformed by 9.28% the S&P500.

Bank of Nova Scotia (TSE:BNS) Ratings Coverage

Out of 10 analysts covering Bank of Nova Scotia (TSE:BNS), 8 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 80% are positive. $78 is the highest target while $45 is the lowest. The $71.75 average target is -1.39% below today’s ($72.76) stock price. Bank of Nova Scotia has been the topic of 34 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The firm has “Outperform” rating given on Wednesday, December 2 by RBC Capital Markets. RBC Capital Markets maintained it with “Outperform” rating and $72 target price in Wednesday, June 1 report. As per Tuesday, August 18, the company rating was maintained by KBW. The rating was upgraded by Desjardins Securities to “Buy” on Friday, January 8. The stock of Bank of Nova Scotia (TSE:BNS) has “Buy” rating given on Tuesday, November 1 by Bank of America. The rating was maintained by Dundee Securities on Wednesday, September 21 with “Buy”. IBC maintained Bank of Nova Scotia (TSE:BNS) on Monday, August 17 with “Sector Perform” rating. The company was maintained on Wednesday, August 31 by RBC Capital Markets. On Tuesday, August 4 the stock rating was maintained by National Bank Canada with “Sector Perform”.

More recent Bank of Nova Scotia (TSE:BNS) news were published by: Fool.ca which released: “Bank of Nova Scotia Offers the Best Growth Potential of Canada’s Banks” on November 15, 2016. Also Cbc.ca published the news titled: “Food bank use on the rise in Canada, with ‘drastic’ surges in Nova Scotia …” on November 15, 2016. Businesswire.com‘s news article titled: “Fitch Affirms Bank of Nova Scotia’s IDRs at ‘AA-‘ and ‘F1+’; Outlook Stable” with publication date: October 28, 2016 was also an interesting one.

The Bank of Nova Scotia is an international bank and a financial services well-known provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. The company has a market cap of $88.24 billion. The Company’s divisions include Canadian Banking, International Banking, Global Banking and Markets (GBM), and Other. It has a 12.88 P/E ratio. The Bank offers range of advice, services and products, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

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