BNS Price Prediction Next Week
Analysis and Insights
To predict the stock price of Bank of Nova Scotia (BNS) for the next trading week, we analyze both technical indicators and recent news sentiment.
Technical Analysis:
The stock is currently trading at $48.34 with a mixed technical outlook:
- RSI (6-period): 24.80, indicating oversold conditions.
- MACD: Negative (-0.83), suggesting bearish momentum.
- Bollinger Bands: The stock is near the lower band, signaling potential volatility.
News Sentiment:
Recent news indicates:
- BNS and other Canadian banks are raising loan-loss provisions due to U.S. trade tensions and client caution.
- BNS has a Hold rating from CIBC with a price target of C$81.00, while Canaccord Genuity maintains a Buy rating.
Fibonacci Levels:
- Resistance Levels: 50.61, 51.40, 52.67
- Support Levels: 47.27, 46.00
Price Prediction:
Given the oversold RSI and proximity to support levels, BNS may experience a short-term rebound. However, the bearish MACD and negative news sentiment suggest limited upside. The stock is likely to trade between 47.27 and 50.61 next week.
Recommendation:
Sell BNS at resistance levels (around 50.61) as the stock may face selling pressure due to macroeconomic concerns.
BNS Similar Chart Price Prediction
The price of BNS is predicted to go up 3.91%, based on the high correlation periods with DFS. The similarity of these two price pattern on the periods is 97.86%.
BNS
DFS
Up: 3.91%Similarity: 97.86%
BNS Revenue Forecast
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BNS VS S&P500
The Canadian market remains attractive; the government has placed barriers to entry that protect high returns.
The international segment's exposure to higher-growth emerging markets in Latin America will offset Scotiabank's slower growth in its home markets and offer a runway for higher growth and returns compared with peers.
Scotiabank's valuation is less demanding today. If investors can get any confidence in the bank's restructuring efforts and in the Canadian rate situation, shareholders should be rewarded.
