Hey guys, TSX:BNS has formed a classical super clear running flat.
We also have on the lower degree bullish confirmation in the forecasted direction indicated by this running flat!
Complete shoulder -head- shoulder with a engulfing candle(signal). Althoung price is in the weekly level, it will go to lower range. At that moment, I will take 50% profit and move stoploss to break even for the rest.
Current Market Situation (3/10)
BNS is clearly in a large downtrend, so opening a large position is only possible in the short term. That’s why we should also take into consideration the possibility of breaking downward and joining the crash. Anyway, as we will see later, the fundamentals to try the long position are good.
Patterns found by AI (8/10)
After...
I like this bank, I personally use it and they have been around for more than 100 years I think...
I can see now why they are panicking but should they be worrying after being around for so long?
The market moves in cycles... After a crash down comes a wave up.
Anyway, the main support for the Bank Of Nova Scotia (BNS) is the Fib. retracement level at 64.95.
...
TSX:BNS
After we are clear of earnings, I'll be looking for the price to pull back to the Nov 28 resistance of 71.50 near the 50 SMA and 50 EMA (old resistance becoming new support). If we can get confirmation with a reversal pattern double/ triple bottom or inverted Head and Shoulder, I'll be looking to enter with Real Life Tradings momo indicator.
Stop loss...
The PEAD projected a Bearish outlook for $BNS after a Negative Under reaction following its earnings release placing the stock in drift D with an expected accuracy of 75%.
Up Channel apparent on this non-log chart
A down channel can also be drawn which further emphasizes a soon to come bottom point
Weekly timeframe, bulls will likely continue
The PEAD projected a Bearish outlook for $BNS after a Negative Under reaction following its earnings release placing the stock in drift D with an expected accuracy of 75%.
Reward/risk here is over 4 to first PT. Decent place for a short IMO. Stop loss is essential. To prevent getting wicked out, an alternate approach would be to lower position size and scatter short orders to top of range with a stop at all time high.
The PEAD projected a Bullish outlook for $BNS after a Positive Under reaction following its earnings release placing the stock in drift A with an expected accuracy of 71.43%.
Watching BNS for buy confirmation
Waiting is the hardest part. You need patience for most of the best trades. I've been watching this setup for the Bank of Nova Scotia as solid technical elements are lining up.
1D Heiken ashi chart reversal in play
● Doji formed at the bottom of the last downswing
● Positive momentum of both RSI and MACD indicators
● Strong...
Based on a triple top formation, it took 63 days to form. Therefore my belief is we will see a .786 fib retracement to the 82.90 mark over the next 63 days... June 2.
All comments an thoughts are welcom
I'm not rich enough to gamble profits due to position size but I anticipate a retreat here to $87 or maybe $85 to take the heat off. What a run, what a beast. Wish I had of stuck to my dad's philosophy about Cnd bank stocks when I was getting started. "Buy them". $1 Dividend!!
* Great earnings
* Strong up trend
* High 3-month relative strength of 3.06 in the Financial sector
* Breaking out of a cup and handle pattern with 24.59% higher volume of the 15 day average
* Base of the cup is ~21 week with the handle lasting about 4 weeks
* Also created a double bottom during the base
Trade Idea:
* Given the setup, now would be a great time...
good sign for selling, but For the coming days, if the trend crosses the line, sell immediately, but if it is not its resistance, you should buy, but with caution
