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$Toronto-Dominion Bank(TD)$ Rallied +2.03%: Canadian Banking Giant Hits New 52-Week High at $86.34
Latest Close Data
TD closed at $86.08 on December 5th, marking a solid +2.03% gain ($1.71) and establishing a new 52-week high at $86.34.
The stock is now trading 68% above its 52-week low of $51.25, demonstrating remarkable recovery strength.
Core Market Drivers
Strong capital inflows of $664 million over 5 trading days signal institutional confidence in TD's banking fundamentals.
The Canadian banking sector is benefiting from rising interest rate expectations and improved credit quality metrics.
TD's robust 3.47% dividend yield continues to attract income-focused investors amid market volatility.
Technical Analysis
Volume surged 64% above average (3.95M shares), confirming institutional participation.
MACD shows bullish momentum with DIF at 1.086 crossing above DEA at 0.787, generating a strong buy signal. RSI (6-period) spiked to 81.5, indicating overbought conditions but suggesting continued momentum in the near term.
Key Price Levels
Primary Support: $74.04 (previous resistance turned support)
Strong Resistance: $86.14 (yesterday's technical ceiling, now breached)
Immediate Pivot: $84.37 (yesterday's close, now key support level)
Valuation Perspective
TD trades at an attractive P/E ratio of 10.20x, well below the banking sector average.
Forward P/E of 13.22x remains reasonable given the bank's 17.63% ROE and strong fundamentals. P/B ratio of 1.67x reflects solid book value premium.
Analyst Targets
5 analysts maintain coverage with an average target of $83.60 (range: $67.25-$92.00). Sentiment breakdown: 2 Strong Buy, 6 Buy, 2 Hold, 1 Underperform, indicating predominantly bullish institutional outlook.
Weekly Outlook
Expect consolidation between $84-87 range as RSI cools from overbought levels. Break above $87 targets $90-92 zone, while failure to hold $84 support could trigger pullback to $80-82 area.
Risk Disclaimer
This analysis is for informational purposes only and does not constitute investment advice. Past performance does not guarantee future results.
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