Could Bank of Nova Scotia Change Direction After Today’s Gap Up?

 Could Bank of Nova Scotia Change Direction After Today's Gap Up?

The stock of Bank of Nova Scotia (TSE:BNS) gapped up by $0.12 today and has $79.78 target or 8.00% above today’s $73.87 share price. The 9 months technical chart setup indicates low risk for the $88.77 billion company. The gap was reported on Nov, 29 by Barchart.com. If the $79.78 price target is reached, the company will be worth $7.10B 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 1.08 million shares traded hands. Bank of Nova Scotia (TSE:BNS) has risen 11.69% since April 25, 2016 and is uptrending. It has outperformed by 6.43% the S&P500.

Bank of Nova Scotia (TSE:BNS) Ratings Coverage

Out of 9 analysts covering Bank of Nova Scotia (TSE:BNS), 7 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 78% are positive. $78 is the highest target while $45 is the lowest. The $72 average target is -2.53% below today’s ($73.87) stock price. Bank of Nova Scotia has been the topic of 35 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The stock has “Buy” rating given by Dundee Securities on Wednesday, September 21. The company was maintained on Tuesday, August 18 by KBW. The firm earned “Outperform” rating on Wednesday, August 31 by RBC Capital Markets. The stock of Bank of Nova Scotia (TSE:BNS) has “Outperform” rating given on Wednesday, June 1 by RBC Capital Markets. As per Monday, August 17, the company rating was maintained by IBC. RBC Capital Markets maintained the shares of BNS in a report on Wednesday, December 2 with “Outperform” rating. As per Friday, January 8, the company rating was upgraded by Desjardins Securities. On Tuesday, August 4 the stock rating was maintained by National Bank Canada with “Sector Perform”. Bank of America initiated the stock with “Buy” rating in Tuesday, November 1 report.

More notable recent Bank of Nova Scotia (TSE:BNS) news were published by: Business.Financialpost.com which released: “Scotiabank profit beats expectations, opens door for acquisitions, buybacks” on November 29, 2016, also Reuters.com with their article: “BRIEF-Bank of Nova Scotia posts Q4 earnings per share C$1.57” published on November 29, 2016, Nasdaq.com published: “Earnings Reaction History: Bank of Nova Scotia, 25.0% Follow-Through Indicator …” on November 29, 2016. More interesting news about Bank of Nova Scotia (TSE:BNS) were released by: Fool.ca and their article: “Bank of Nova Scotia Offers the Best Growth Potential of Canada’s Banks” published on November 15, 2016 as well as Fool.ca‘s news article titled: “TFSA Investors: Why Bank of Nova Scotia Is a Better Pick Than Bonds” with publication date: October 31, 2016.

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 $88.77 billion. The Company’s divisions include Canadian Banking, International Banking, Global Banking and Markets (GBM), and Other. It has a 13.08 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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