Bank of Nova Scotia

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

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%

>>5 Rocket Stocks Ready for Blastoff in July

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.

RELATED LINKS:



Follow Stockpickr on Twitter and become a fan on Facebook.

At the time of publication, author had no positions in stocks mentioned.

Roberto Pedone, based out of Delafield, Wis., is an independent trader who focuses on technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.

If you liked this article you might like

Softbank Just Spent Billions of Dollars in Only Four Weeks

Avoid These Stocks That Fund Managers Are Selling

Avoid These 3 Stocks That Fund Managers Are Selling

For Safe Banking Profits, Look to the Maple Leaf Flag

10 Undervalued High-Yield Dividend Stocks Worth Buying Today