Steady price for Scotiabank stock as C$111.02 support holds

Traders Union
All News
Financial News
Scotiabank slips 0.01% to C$113.10

Highlights

BNS/CAD shows a strong bullish structure across short-, medium-, and long-term timeframes, confirmed by sustained trading above major moving averages.
Momentum signals, including bullish MACD and ADX, support continued upside, while mixed oscillator readings suggest potential for minor short-term consolidation.
BNS/CAD is expected to trade between C$111.02 and C$115.18 over the next 2–3 days, with a very high probability of an upward move and strong immediate support at C$110.95.

Momentum signals mixed as price tests intraday highs

On the hourly chart, BNS is trading above the MA-20 at C$112.05 and MA-50 at C$110.98, and remains well above the daily MA-200 at C$97.73. The Ichimoku Kijun sits at C$110.95, serving as immediate support. Hourly momentum indicators are positive, with MACD and ADX both presenting a buy signal. The RSI stands at 58.8 (Buy), while the Stoch RSI is oversold and CCI is neutral, offering a mixed read from oscillators. BBP indicates strong buyer dominance intraday, and the Awesome Oscillator is neutral. The price is trading near today’s high after a minor gap down of 0.39 and with low volatility. The technical setup reflects persistent upward bias but notes possible short-term pauses due to oscillator divergences.

Bullish breakout seen as price challenges volatility range

For the next 2 trading days, BNS is expected to trade within a range of C$111.02 to C$115.18, reflecting a typical volatility band relative to current levels. The probability of an upward move beyond the top of this range is considered very high, while a drop below the lower bound is very unlikely. In the baseline scenario, the price is likely to remain sideways within this range; a bullish breakout would involve a move above C$115.18 resistance, while the bearish scenario would require a decline below C$111.02 support.

Anton Kharitonov, expert at Traders Union, sees ongoing technical strength in Bank of Nova Scotia, with key moving averages and intraday indicators signaling persistent upward bias. He notes mixed readings from oscillators, and highlights the potential for short-term pauses despite the overall positive setup. The main scenario is sideways action within C$111.02–C$115.18, unless a breakout occurs. "Until C$111.02 is broken to the downside, I stay neutral and look for confirmation before acting."

Earlier, analysts noted that Bank of Nova Scotia’s technical setup favored a sideways-to-upward scenario, supported by strong dividend stability and persistent investor demand. The current chart action continues to support this outlook, with sustained momentum and buyer dominance suggesting that a move above C$115.18 could act as the next key catalyst for further upside.

Source of Data: BNS Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.