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Money Center Banks Industry Technical Analysis

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- 11/29/2019 -
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Bank of New York Mellon Corp. (BK)

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Summary:
Weekly :Williams' Percentage Range and Lane's Stochastic are overbought
Daily :The price has risen above the Parabolic SARThe period of low volatility of the stock price
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It was a second consecutive positive week for the Bank of New York Mellon Corp. (BK). During the week, the BK climbed 0.17 points, or 0.35%, and closed at 48.97 on Friday, November 29, 2019. Weekly volume was -65% 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 40.52 on August 28, 2019. BK lost 18.47 points, or 31.31%, in 84 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 38.52 and resistance is at 51.49. 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 uptrend had started on October 8, 2019 at 41.66 and reached 50.03 on November 7, 2019. BK gained -8.37 points, or -20.09%, in 4 weeks. The chart has formed a Symmetric Triangle chart pattern. The trend support level is at 48.73 and resistance is at 49.05. 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 Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range and Lane's Stochastic. 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 September 6, 2019. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is near its high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. 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 November 13, 2019 at 48.04 and reached 49.45 on November 25, 2019. BK gained -1.41 points, or -2.94%, in 12 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 48.73 and resistance is at 49.96. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a short-term trend.

Daily Technical Indicators: [See BK daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is below its signal line since November 14, 2019. The distance between MACD and the signal line is low, but getting bigger.

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.

The distance between the Bollinger Bands is falling, and it was 3.84% on Friday. It is 66.69% 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 46.48
Williams' Percentage Range (W%R) 37.20
Lane's Stochastic (%D-Slow) 62.97
Greed/Fear Indicator (GFI) 57.41
Moving Average Converg./Diverg. (MACD) 0.80
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 72.39
Williams' Percentage Range (W%R) 12.10
Overbought
Lane's Stochastic (%D-Slow) 87.88
Overbought
Greed/Fear Indicator (GFI) 79.11
Moving Average Converg./Diverg. (MACD) -0.42
Trading Signals
Description Value Chart
Yearly Trendline Resistance 51.49
Weekly Trendline Resistance 49.96
Upper Bollinger Band 49.28
Daily Stochastic Crossing 49.06
Monthly Trendline Resistance 49.05
Weekly Stochastic Crossing 49.01
Price 48.97
20 Day Moving Average 48.79
Weekly Trendline Support 48.73
Monthly Trendline Support 48.73
Parabolic System 48.08
Lower Bollinger Band 47.41
50 Day Moving Average 46.51
Sector and Industry
Description Name Rank
Sector Financial 7
Industry Money Center Banks 152
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 48.55
Low Date 11/26/2019
High 49.15
High Date 11/27/2019
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 49.96
Support 48.73
Low 48.04
Low Date 11/13/2019
High 49.45
High Date 11/25/2019
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Valid
Resistance 49.05
Support 48.73
Low 41.66
Low Date 10/08/2019
High 50.03
High Date 11/07/2019
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 40.52
Low Date 08/28/2019
High 50.03
High Date 11/07/2019
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 51.49
Support 38.52
High 58.99
High Date 01/16/2018
Low 40.52
Low Date 08/28/2019
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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