Daily Stock Report

National Bank of Canada - (NA.TO) - November 8, 2022

Since bottoming out near the red zone back in April, National Bank of Canada (NA.TO) has been steadily trending upward within the SIA S&P/TSX 60 Index Report. Yesterday it returned to the Green Favored Zone for the first time since August, finishing in 14th place, up 2 spots on the day and up 5 positions in the last month. 

Last month, a successful retest of support near $82.50 signaled the end of downtrend in National Bank of Canada (NA.TO) shares, mirroring the retest of resistance near $102.50 that signaled the peak of the previous uptrend earlier this year. In recent weeks, NA.TO has been steadily recovering lost ground, snapping a downtrend line and starting this week with a breakaway gap adding to the evidence suggesting that a new uptrend is underway.

Initial upside resistance appears in the $100.00 to $103.00 zone where a round number, measured move and previous peaks converge. Initial support appears near the $90.00 round number.

This 1% chart highlights the significance of the recent rally in National Bank of Canada (NA.TO) shares. Last month, NA.TO successfully retested support near $82.35. Since then, it has been under renewed accumulation, reversing up into a bullish High Pole, snapping a downtrend line, and completing multiple bullish Double Top and Spread Double Top breakouts. 

Initial upside resistance appears in the $100.00 to $101.50 zone, between a round number and the peak set in late 2021-early 2022, followed by $104.55 based on a vertical count. Initial support appears near $90.95 based on a 3-box reversal and a retest of a recent breakout point. 

With a bullish SMAX score of 7, NA.TO exhibiting strength across the asset classes. 

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