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Downtrend Broken Resist.Archive
- 5/10/2024 -
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Bank of New York Mellon Corp. (BK) Technical Analysis
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| Summary:
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| | It was a first positive week for the Bank of New York Mellon Corp. (BK). During the week, the BK gained 1.44 points, or 2.53%, and closed at 58.44 on Friday, May 10, 2024. It was the best weekly gain since March 22, 2024. Weekly volume was -27% below average.
BK is a member of Financials Sector. Financials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See BK long-term trend chart]
A long-term downtrend had started on February 10, 2022 at 64.63 and reached 36.22 on October 13, 2022. BK lost 28.41 points, or 43.96%, in 35 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (45.44) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. BK may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
Medium-term trend: [See BK medium-term trend chart]
A medium-term uptrend had started on October 13, 2022 at 36.22 and reached 58.74 on May 10, 2024. BK gained -22.52 points, or -62.18%, in 82 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (42.23) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend.
 Weekly Technical Indicators: [See BK weekly technical indicators chart]
Weekly Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought Williams' Percentage Range. Weekly Relative Strength Index and Lane's Stochastic have bearish divergence. Use the following links to access the Relative Strength Index and Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index and Lane's Stochastic bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.
The weekly MACD line is below its signal line since April 12, 2024. The distance between MACD and the signal line is low and getting smaller. Use the following link to access a MACD help.
 Short-term trend: [See BK short-term trend chart]
A short-term uptrend had started on February 13, 2024 at 53.40 and reached 58.74 on May 10, 2024. BK gained -5.34 points, or -10%, in 87 days. The price is now at the 5.62% retracement level.
Daily Technical Indicators: [See BK daily technical indicators chart]
Daily Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought daily overbought Williams' Percentage Range.
The daily MACD line is above its signal line since April 22, 2024. This is an indication that the short-term trend is up.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
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