Shares of The Toronto-Dominion Bank (TD.TO) are trading in positive territory midday, but the intraday price action reveals a struggle to maintain its early momentum. As of 12:08 PM EDT, the stock is trading at $100.88, up 0.71% for the session.
The day began on a very strong note for the Canadian banking giant. The stock gapped up to open at $101.15, well above the previous close of 101.45**. However, that peak was met with significant selling pressure, triggering a reversal that has seen the stock steadily drift lower throughout the late morning.
The current price, while still positive, is now well off its intraday highs, indicating that the initial bullish strength has faded.
Should You Buy or Sell the Stock Today?
The day’s price action presents a mixed but telling picture for traders:
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The Bearish Case (Reasons to be Cautious): The most significant signal is the sharp rejection from the $101.45 high. This “fading rally” pattern suggests that sellers have taken control of the momentum after the initial burst of buying. The stock’s inability to hold its gains is a sign of weakness.
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The Bullish Case (Reasons to Watch for Support): The stock is still holding onto a gain for the day, and the intraday low of $100.62 has so far acted as a support level. If buyers can successfully defend this zone and prevent further declines, it could form a base for another attempt to move higher.
Our Opinion on the Stock
The technical picture for TD Bank stock has turned cautious after the impressive morning rally failed to hold. The sellers have clearly demonstrated their presence at the highs, putting the stock on the defensive.
The key battleground for the remainder of the session will be the support at the day’s low of 101.45 has been established as a firm resistance level.
