Bank of Nova Scotia stock price forecast: C$124 resistance as BNS trades flat

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Bank of Nova Scotia up 0.29% today

Highlights

Bank of Nova Scotia shares show bullish long-term support, trading well above the 200-day moving average.
Momentum indicators are mixed, with most signaling continued strength but some warning of overbought short-term conditions.
Near-term price is forecast to consolidate within C$121.6–C$124, with moderate-to-high probability of further upside if resistance breaks.

Buy signals mixed with overbought warnings amid narrow range

BNS is trading above the MA-20 but below the MA-50 on the hourly chart, while staying well above the MA-200 on the daily chart. Immediate support is provided by the Ichimoku Kijun level at C$121.94. Relative Strength Index (RSI) and Commodity Channel Index (CCI) both signal a short-term Buy, but Stochastic RSI and Bull/Bear Power indicate overbought conditions and strong intraday buyer dominance. The Average Directional Index (ADX) shows a Buy, whereas the Moving Average Convergence Divergence (MACD) and Awesome Oscillator are Neutral. Current price action holds near the session high, with a small negative gap and limited volatility as oscillators reveal some divergence between bullish momentum and overbought warnings.

Upside favored while support holds, with consolidation base case

In the short term, BNS is expected to trade within the C$121.6 to C$124 range. A moderate to high probability exists for an upward move, while the likelihood of a decline is lower. Base case expectations call for price consolidation within this band. A sustained break above resistance could prompt further upside, whereas a fall beneath immediate support would likely bring short-term weakness.

Viktoras Karapetjanc, expert at Traders Union, sees near-term momentum in Bank of Nova Scotia stock as constructive. The price is holding above key short-term supports and sentiment from major oscillators supports a moderately bullish stance. He expects the current C$121.6 to C$124 range to contain most price action, with odds favoring an upward move if resistance breaks. "The technical backdrop suggests there is room for upside, and I remain confident as long as BNS stays above immediate support levels."

Previously it was reported that Bank of Nova Scotia exhibited mixed technical signals amid prevailing selling momentum and an active portfolio adjustment. The latest price action adds a short-term bullish bias, but with pockets of overbought conditions present, traders should closely monitor whether upward momentum can be sustained beyond the current consolidation range.

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.