Valued at $122 billion, Toronto Dominion Bank (TD) is a Canadian chartered bank that offers a wide range of business and consumer services. I sorted for stocks with the highest technical buy signals, superior current momentum in both strength and direction, and a Trend Seeker “buy” signal – and TD checks those boxes, writes Jim Van Meerten, analyst at Barchart.
Since the Trend Seeker signaled a buy on April 21, the stock has gained 16.2%. In fact, TD shares hit a new 52-week high on June 11, touching $70.80 at the open.
Among other positive technical indicators from Barchart: Toronto Dominion has a 100% technical “Buy” signal, a Weighted Alpha of +36.20, and a Relative Strength Index that is at 79.7%. Toronto Dominion is also trading above its 20-, 50- and 100-day moving averages, and has made 18 new highs in the last month.
What about analyst and investor sentiment? Wall Street analysts issued six “Strong Buy,” one “Moderate Buy,” and five “Hold” opinions on the stock. There is also one “Sell.” Value Line gives the stock its average rating. Morningstar thinks the stock is fairly valued. Some 79,730 investors monitor the stock on Seeking Alpha, which rates the stock a “Hold.”
The Bottom Line: Toronto Dominion currently has momentum and support from both the market and individual investors. But I caution that TD is volatile and speculative — use strict risk management and stop-loss strategies.
