Bank of Nova Scotia saw a welcome improvement to its Relative Strength (RS) Rating on Monday, rising from 67 to 71.
IBD's unique RS Rating tracks technical performance by showing how a stock's price action over the last 52 weeks measures up against that of the other stocks in our database.
History shows that the best stocks tend to have an 80 or higher RS Rating in the early stages of their moves. See if Bank of Nova Scotia can continue to show renewed price strength and hit that benchmark.
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Bank of Nova Scotia is still within a buy range after clearing a 55.12 entry in a flat base. Once a stock moves 5% or higher beyond the original entry, it's considered out of buy range.
Earnings growth moved up last quarter from -5% to 28%, but revenue fell from 4% to 3%.
The company holds the No. 16 rank among its peers in the Banks-Money Centers industry group. NatWest Group ADR, Goldman Sachs and Morgan Stanley are among the top 5 highly rated stocks within the group.
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