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Bank of Nova Scotia (
BNS) is a diversified financial institution. This stock closed up 1.1% at $55.73 on Wednesday.
Wednesday's Volume: 1.12 million
Average Volume: 591,314
Volume % Change: 115%
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From a technical perspective, BNS trended up modestly here and back above both its 50-day and 200-day moving averages with high volume. This stock recently formed a double bottom chart pattern at $51.65 to $52.05. Following that bottom, shares of BNS have uptrended with the stock consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of BNS within range of triggering a near-term breakout trade. That trade will hit if BNS manages to take out some near-term overhead resistance levels at $55.94 to $57 with high volume.
Traders should now look for long-biased trades in BNS as long as it's trending above some key near-term support at $55 and then once it sustains a move or close above those breakout levels with volume that's near or above 591,314 shares. If we get that breakout soon then BNS will set up to re-test or possibly take out its next major overhead resistance levels at $57.76 to $58.95. Any high-volume move above those levels will then give BNS a chance to take out its 52-week high at $60.23.
To see more stocks rising on unusual volume, check out the
Stocks Rising on Unusual Volume portfolio on Stockpickr.
-- Written by Roberto Pedone in Delafield, Wis.