On Wednesday, Bank of Nova Scotia hit an important technical milestone, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 81, up from 69 the day before.
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IBD's proprietary RS Rating identifies market leadership by showing how a stock's price movement over the last 52 weeks measures up against that of other stocks on the major indexes.
Over 100 years of market history reveals that the stocks that go on to make the biggest gains tend to have an RS Rating north of 80 as they begin their biggest runs.
Bank of Nova Scotia has risen more than 5% past a 55.24 entry in a first-stage saucer with handle, meaning it's now out of a proper buy zone. Look for the stock to offer a new chance to pick up shares like a three-weeks tight or pullback to the 50-day or 10-week line.
Bank of Nova Scotia saw both earnings and sales growth rise last quarter. Earnings-per-share increased from -4% to 15%. Revenue rose from 9% to 13%.
The company holds the No. 15 rank among its peers in the Banks-Money Centers industry group. NatWest Group ADR, Barclays ADR and Banco Bilbao Vizcaya ADR are among the top 5 highly rated stocks within the group.
This article was created automatically with Stats Perform's Wordsmith software using data and article templates supplied by Investor's Business Daily. An IBD journalist may have edited the article.
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