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by Darius Anucauskas

The Bank Of New York Mellon Stock Looks Promising

After reversing to the upside in the end of August, the Bank of New York Mellon Corp stock (NYSE: BK) moved sharply to the upside, but found strong resistance near the area between the 47.45 and 47.65 levels. This is where the share price got held in the end of July as well. Also, looking at the daily chart, we can see that BK is struggling to close above its 200-day EMA. That said, the technical picture shows us that there might be a possible bullish flag pattern forming, which means that there is a chance we could see a further push north. That said, before examining higher areas, we need to see a confirmation break through the above-mentioned resistance area first, hence why we will stay cautiously-bullish, at least for now.

A strong push above the 47.65 barrier would confirm a forthcoming higher high and more buyers could be joining into the game. This is when we will examine the next potential resistance zone, at 48.70, marked near the highs of April 18th, 23rd and May 7th. If that zone is just seen as a temporary obstacle on the way up, its break might set the stage for another move higher, which could end up testing the 50.40 barrier, marked by the highest point of May.

Looking at our oscillators, the RSI and the MACD, both seem to be somewhat flat at the time of writing. Although the RSI is above 50, it has been moving sideways for the pas two weeks. The MACD paints a similar picture, where it is also somewhat flat and hanging around its trigger line, while sitting in the positive territory.

Alternatively, if the price falls below the 45.77 hurdle, marked by this week’s low, this may force the stock to slide again. This is when we will examine a possible move towards the 44.68 zone, which on September 17th acted as a strong area of support. If that area fails to keep the price up, a break of it may clear the path for another move lower, possibly targeting the 43.10 territory, marked near the highs of August 14th, 19th and September 6th. 

Bank of NY Mellon Daily


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