Bank of Nova Scotia stock continues to decline and briefly this afternoon it broke through $61.00 before moving back up to close at $61.10. Today’s decline was 1.16% and marks the 6 day of declines which have been broken by only two days of sideways action. The stock definitely looks weak and having broken through support, more downside looks to be expected.
BNS Stock 3 Month Chart
The three-month chart below shows the 52 week low happened on July 28 when BNS Stock reached $60.52. Today’s little dip below $61 could be setting the stock up to revisit that low. You can see in the chart the pattern of lower highs that continues to dominate the stock. All the latest decline is being done on low volume which usually tells investors that the decline is overdone. In this case however the decline seems to be non-stop.
But within the decline there are huge and often easy money making opportunities. Today’s trade is just that start of what I think will become more frequent trades in BNS Stock. This article is for FullyInformed Canada Members.
Bank Of Nova Scotia Stock (BNS) Trade Alert for Aug 13 2015
FullyInformed Canada Members can review the latest BNS Stock trade ideas article directly through this link or they can sign in to the full Canada members site here. Non-members can join here or read about the benefits of being a member.
Disclaimer: There are risks involved in all investment strategies and investors can and do lose capital. Trade at your own risk. Stocks, options and investing are risky and can result in considerable losses. None of the strategies, stocks or information discussed and presented are financial or trading advice or recommendations. Everything presented and discussed are the author’s own trade ideas and opinions which the author may or may not enter into. The author assumes no liability for topics, ideas, errors, omissions, content and external links and trades done or not done. The author may or may not enter the trades mentioned. Some positions in mentioned stocks may already be held or are being adjusted.
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