The Greedy Trader Weekly Analysis
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Monthly Pattern:Broadening Ascending Wedge
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Chart Analysis and Chart Pattern Recognition – Broadening Formations
Broadening Formations, including Broadening Ascending Wedge, present inverted triangle patterns. They start with narrow fluctuations, and then widen out between diverging boundary lines. The pattern, where one of the boundary lines is horizontal, is referred to as a right-angled formation. Broadening formations usually mark the reversal when confirmed by other technical indicators.
Broadening formations Screening page presents a list of stocks forming Broadening formation Pattern.
Tips:
# 1
As a reversal formation, Broadening formation Pattern appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators. This situation usually generates divergence on long-term indicators.
# 2 For the best results, chart patterns and trend resistance support should be considered together with other technical analysis signals and technical trading techniques.
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Bank of New York Mellon Corp. (BK)

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Summary:
Weekly :
Daily :Daily  MACD line has moved below its signal lineThe price has fallen below the Parabolic SAR20 Day Moving Average has crossed below the 50 Day Moving AverageLane's Stochastic oversoldWilliams' Percentage Range is strongly oversoldLane's Stochastic bullish divergenceThe price has declined below the moving average in the center of the Bollinger BandsThe 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 -1.50 points, or -4.00%, and closed at 36.00 on Friday, September 11, 2020. Weekly volume was -53% below average.

Long-term trend: [See BK long-term trend chart]
A long-term downtrend had started on January 16, 2018 at 58.99 and reached 26.40 on March 18, 2020. BK lost 32.59 points, or 55.25%, in 113 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 33.57 and resistance is at 48.82. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a long-term trend.

Medium-term trend: [See BK medium-term trend chart]
A medium-term downtrend had started on June 8, 2020 at 43.17 and reached 35.27 on July 27, 2020. BK lost 7.90 points, or 18.30%, in 7 weeks. The chart has formed a Symmetric Triangle chart pattern. The trend support level is at 35.75 and resistance is at 37.20. A Symmetric Triangle pattern represents the area of indecision, where the movement direction is questioned. Chart pattern analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of larger trend, but it also may mark the trend reversal. Use the following link to access a Symmetric Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Symmetric Triangle pattern in a medium-term trend.

Weekly Technical Indicators: [See BK weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since May 22, 2020. 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 downtrend had started on September 3, 2020 at 38.45 and reached 35.51 on September 10, 2020. BK lost 2.94 points, or 7.65%, in 7 days. The price is now at the 16.67% retracement level.

Daily Technical Indicators: [See BK daily technical indicators chart]
Daily Lane's Stochastic is oversold while Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Lane's Stochastic or strongly oversold daily Williams' Percentage Range. Daily Lane's Stochastic has bullish divergence. Use the following links to access the Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic bullish 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 and Williams' Percentage Range help.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward 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.

During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands is falling, and it was 7.44% on Friday. It is 55.56% 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 20 Day Moving Average has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. 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) 51.92
Williams' Percentage Range (W%R) 97.60
Strong Oversold
Lane's Stochastic (%D-Slow) 15.73
Oversold Bullish
Greed/Fear Indicator (GFI) 23.35
Moving Average Converg./Diverg. (MACD) -0.07
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 33.99
Williams' Percentage Range (W%R) 63.60
Lane's Stochastic (%D-Slow) 35.96
Greed/Fear Indicator (GFI) 39.51
Moving Average Converg./Diverg. (MACD) -1.28
Trading Signals
Description Value Chart
Upper Bollinger Band 38.00
Monthly Trendline Resistance 37.20
Parabolic System 37.10
50 Day Moving Average 36.90
20 Day Moving Average 36.73
Weekly Stochastic Crossing 36.63
Price 36.00
Monthly Trendline Support 35.75
Daily Stochastic Crossing 35.68
Lower Bollinger Band 35.33
Yearly Trendline Support 33.57
Sector and Industry
Description Name Rank
Sector Financials 6
Industry Asset Management & Custody Banks 37
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 38.45
High Date 09/03/2020
Low 35.51
Low Date 09/10/2020
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 35.56
Low Date 08/24/2020
High 38.45
High Date 09/03/2020
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Valid
Resistance 37.20
Support 35.75
High 43.17
High Date 06/08/2020
Low 35.27
Low Date 07/27/2020
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 51.60
High Date 01/09/2020
Low 26.40
Low Date 03/18/2020
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 48.82
Support 33.57
High 58.99
High Date 01/16/2018
Low 26.40
Low Date 03/18/2020
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.

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