The Greedy Trader Weekly Analysis
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Bank of New York Mellon Corp. (BK)

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range is strongly overbought
Daily :Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are overboughtLane's Stochastic and MACD bearish divergence
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It was a fifth positive week after 3 consecutive negative weeks for the Bank of New York Mellon Corp. (BK). During the week, the BK gained 2.04 points, or 4.33%, and closed at 49.20 on Friday, November 8, 2019. It was the best weekly gain since September 13, 2019. Weekly volume was -41% below average.

BK is a member of Financial Sector. Financial is the second 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 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 38.87 and resistance is at 51.72. 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 August 28, 2019 at 40.52 and reached 50.03 on November 7, 2019. BK gained -9.51 points, or -23.47%, in 10 weeks. The price is now at the 8.73% retracement level.

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. 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 link to access 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 relatively high and getting bigger. It indicates that the current medium-term uptrend is strong. 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 8, 2019 at 41.66 and reached 50.03 on November 7, 2019. BK gained -8.37 points, or -20.09%, in 30 days. The price is now at the 9.92% retracement level.

Daily Technical Indicators: [See BK daily technical indicators chart]
Daily Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index, Williams' Percentage Range and Lane's Stochastic. Daily Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Use the following links to access Lane's Stochastic and Relative Strength Index help.

The daily MACD line is above its signal line since October 15, 2019. This is an indication that the short-term trend is up.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 82.39
Overbought
Williams' Percentage Range (W%R) 10.60
Overbought
Lane's Stochastic (%D-Slow) 87.00
Overbought Bearish
Greed/Fear Indicator (GFI) 86.27
Overbought
Moving Average Converg./Diverg. (MACD) 0.90 Bearish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 57.29
Williams' Percentage Range (W%R) 7.40
Strong Overbought
Lane's Stochastic (%D-Slow) 71.94
Greed/Fear Indicator (GFI) 75.75
Moving Average Converg./Diverg. (MACD) -0.94
Trading Signals
Description Value Chart
Yearly Trendline Resistance 51.72
Upper Bollinger Band 50.38
Daily Stochastic Crossing 49.41
Price 49.20
Parabolic System 48.70
Weekly Stochastic Crossing 48.44
20 Day Moving Average 46.67
50 Day Moving Average 45.43
Lower Bollinger Band 43.62
Sector and Industry
Description Name Rank
Sector Financial 8
Industry Money Center Banks 147
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 41.66
Low Date 10/08/2019
High 50.03
High Date 11/07/2019
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 41.66
Low Date 10/08/2019
High 50.03
High Date 11/07/2019
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
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 51.72
Support 38.87
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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