Bank Of New York Mellon Corp (The) Stock Forecast

Bank Of New York Mellon Corp (The) stock price ended at $57.95 on Wednesday, after gaining 0.89%.
(Updated on Apr 24, 2024)

BK Signals & Forecast

The Bank Of New York Mellon Corp (The) stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $56.08 and $56.08. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 7.31%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The stock had a Golden Star Signal on Tuesday, March 19, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Bank Of New York Mellon Corp (The) stock

Bank Of New York Mellon Corp (The) finds support from accumulated volume at $55.64 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $1.02 (1.79%) between high and low. For the last week, the stock has had daily average volatility of 1.67%.

Since the Bank Of New York Mellon Corp (The) has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.

Our recommended stop-loss: $55.72 (-3.84%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 6 days ago.)

Trading Expectations (BK) For The Upcoming Trading Day Of Thursday 25th

For the upcoming trading day on Thursday, 25th we expect Bank Of New York Mellon Corporation (The) to open at $57.65, and during the day (based on 14 day Average True Range), to move between $56.85 and $59.05, which gives a possible trading interval of +/-$1.10 (+/-1.90%) up or down from last closing price. If Bank Of New York Mellon Corporation (The) takes out the full calculated possible swing range there will be an estimated 3.79% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $55.64, some $2.31 (3.99%) from the current price of $57.95, our system finds the risk reward attractive.

Is Bank Of New York Mellon Corporation (The) stock A Buy?

Bank Of New York Mellon Corp (The) holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.444 Hold/Accumulate Unchanged

Predicted Opening Price for Bank Of New York Mellon Corporation (The) of Thursday, April 25, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.