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- 3/15/2024 -
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Bank of New York Mellon Corp. (BK) Technical Analysis

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range is overboughtStochastic signal line moved below overbought areaBroken trend resistance lineBroken trend resistance line
Daily :Williams' Percentage Range is oversoldPrice has crossed below the 50 Day Moving AverageBroken trend support lineThe price touches the lower Bollinger BandThe period of low volatility of the stock price
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It was the negative week for the Bank of New York Mellon Corp. (BK). During the week, the BK dropped -1.06 points, or -1.91%, and closed at 54.41 on Friday, March 15, 2024. Weekly volume was -15% 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 (44.53) is broken. A broken support is considered to be a long-term bullish signal. 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 56.43 on January 31, 2024. BK gained -20.21 points, or -55.80%, in 67 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (41.67) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. 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 overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish 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 and Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 3, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. 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 October 17, 2023 at 39.66 and reached 56.43 on January 31, 2024. BK gained -16.77 points, or -42.28%, in 106 days. The chart has formed a Ascending Triangle chart pattern. The uptrend support line (57.13) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. BK may retest the broken support line. It is considered to be a resistance 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 support in a short-term trend.

Daily Technical Indicators: [See BK daily technical indicators chart]
Daily Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with daily strongly oversold Williams' Percentage Range.

The daily MACD line is below its signal line since January 23, 2024.

The price touches the lower Bollinger Band. The distance between the Bollinger Bands is falling, and it was 3.09% on Friday. It is 68.46% lower than one year average. It indicates the period of low volatility of the stock price. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

During the last week, the price has crossed below the 50 Day Moving Average. While the medium-term trend is up and daily technical indicators are oversold, the 50 Day Moving Average is considered a support level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 38.82
Williams' Percentage Range (W%R) 100.00
Strong Oversold
Lane's Stochastic (%D-Slow) 24.68
Greed/Fear Indicator (GFI) 21.17
Moving Average Converg./Diverg. (MACD) 0.24
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 79.43
Williams' Percentage Range (W%R) 16.60
Overbought
Lane's Stochastic (%D-Slow) 78.71
Greed/Fear Indicator (GFI) 73.08
Moving Average Converg./Diverg. (MACD) 2.58
Trading Signals
Description Value Chart
Weekly Trendline Support 57.13
Weekly Trendline Resistance 56.34
Upper Bollinger Band 56.05
Weekly Stochastic Crossing 55.77
Parabolic System 55.75
20 Day Moving Average 55.37
50 Day Moving Average 54.93
Price 54.41
Lower Bollinger Band 54.36
Daily Stochastic Crossing 54.33
Yearly Trendline Support 44.53
Sector and Industry
Description Name Rank
Sector Financials 11
Industry Asset Management & Custody Banks 41
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 56.36
High Date 03/05/2024
Low 53.92
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Ascending Triangle
Status Broken Support
Resistance 56.34
Support 57.13
Low 39.66
Low Date 10/17/2023
High 56.43
High Date 01/31/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 39.65
Low Date 05/16/2023
High 56.43
High Date 01/31/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 37.63
Support 41.67
Low 36.22
Low Date 10/13/2022
High 56.43
High Date 01/31/2024
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 38.96
Support 44.53
High 64.63
High Date 02/10/2022
Low 36.22
Low Date 10/13/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.