• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for Bank of Nova Scotia (NYSE:BNS)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Bank of Nova Scotia (NYSE:BNS) based on the price action in the company's shares. Today's price range of $52.63 and $52.95 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Bank of Nova Scotia may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Bank of Nova Scotia (NYSE:BNS) is currently priced 3.3% above its average consensus analyst price target of $50.92. Bank of Nova Scotia shares have support at the 50-day moving average (MA) of $47.86 and additional support at the 200-day MA of $44.67.

Bank of Nova Scotia provides retail, commercial, international, corporate, investment and private banking services and products.

In the past 52 weeks, Bank of Nova Scotia share prices have been bracketed by a low of $35.01 and a high of $55.65 and are now at $52.67, 50% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.6% while the 200-day MA has remained constant.

SmarTrend is tracking the current trend status for Bank of Nova Scotia and will alert subscribers who have BNS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle bank of nova scotia

Ticker(s): BNS