Our analysis is based on long term trends, and if they are promissing, short term analysis. First, we view the
3 year weekly charts, followed by a 1 year daily chart. This analysis allows you to view the larger picture and trend,
rather than just looking at a short term prospective. This way, you can use short term volatilty to your advantage, if the
long term trend is positive.
You will see a summery of the stock we are analyzing, followed by the 3 year and 1 year charts. At the end, you will see a technical analysis summery. That's it,
to the point technical stock market analysis daily!
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Technical Analysis for February 15 2006
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| STOCK: SCOTIABANK (BNS) |
WEBSITE: www.scotiabank.com |
| CURRENT PRICE: 46.72 CDN |
TREND: RISING CHANNEL, POSSIBLE SHORT TERM BREAKOUT |
| TARGET PRICE: N/A |
RECOMMENDATION: SPECULATIVE BUY |
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Long Term Chart (Weekly 3yr) - To view the bigger picture
Charts Courtesy of StockCharts.com
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Short Term Chart (Daily 1yr) - Where to take a position
Charts Courtesy of StockCharts.com
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Scotiabank, one of Canada’s largest banks, is the choice of our technical analysis for today. The long term chart is very impressive here, and seems to following an upward trending channel, with the price closer to its higher range. The price has been trading in a very tight range, and has not come down, despite the MACD suggesting that it should, and a possible breakout is visible on the short term chart. Expect the MACD to head into negative territory briefly before it rebounds, but confirmation is surely needed for this to occur, so watch the MACD in the coming days and weeks. On the short term chart, you can see the ascending triangle pattern, which usually causes a break to the upside once its complete, and this may occur in the coming week or so, and if it breaks, a trade in its direction is a good choice. The MACD on this chart is also heading down here, but the price is not following suit, again, confirming that the downward pressure is weak.
Overall, this stock may break to the upside, and if it does, taking a long position would be recommended. Short volatility may be used to take a position here.
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