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Downtrend Broken Resist.Archive
- 6/7/2024 -
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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 second consecutive positive week for the Bank of New York Mellon Corp. (BK). During the week, the BK gained 0.70 points, or 1.17%, and closed at 60.31 on Friday, June 7, 2024. Weekly volume was -32% below average.
BK is a member of Financials Sector. Financials 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 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 (45.88) 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 60.67 on June 7, 2024. BK gained -24.45 points, or -67.50%, in 86 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (42.50) 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 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 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 60.67 on June 7, 2024. BK gained -7.27 points, or -13.61%, in 115 days. The chart has formed a Rising Channel chart pattern.
 Daily Technical Indicators: [See BK daily technical indicators chart]
Daily Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic.
During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.
The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. 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.
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