BK - Bank Of New York Mellon Corporation (The)

Industry: Asset Management Sector: Financial

Buy Candidate
Fri 21'st Apr 2017

VOLUME
Sell
TREND
Buy
MV LONG
Sell
MV SHORT
Sell
PIVOT
Buy
MACD
Buy
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Bank Of New York Mellon Corporation (The) Stock Analysis

Technical stock analysis for Fri 21'st Apr 2017

Buy candidate since 2017-04-20 Gain 0.21%

Bank Of New York Mellon Corporation (The) gained 0.21% in the last trading day, rising from USD 46.65 to USD 46.75 The price has fallen in 7 of the last 10 days and is down by -1.18% for this period. Volume fell in the last day by -1.25 million shares, and in total, 7.47 million shares bought and sold for approximately USD 349 million. You should take into consideration that a falling volume on higher prices causes divergence and may be an early warning about possible changes for the next couple of days.

Trend

Bank Of New York Mellon Corporation (The) lies in the middle of a weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 4.3% during the next 3 months and, with 90% probability hold a price between USD 47.93 and USD 51.86 at the end of this period.

Signals

Bank Of New York Mellon Corporation (The) holds sales signals from both short- and long-term moving averages. In addition, there is a general sales signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up there will be some resistance from the lines at USD 46.79 and USD 47.24. A break-up above any of these levels will issue buy signals. Some positive signals were issued as well, and these may have some influence on the near short-term development. A buy signal was issued from a pivot bottom point on Thursday April 13, 2017, which indicates further gains until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and may be an early warning. The stock should be watched closely.

The stock had a Golden Star Signal* on Tuesday October 18, 2016 in the mediumterm chart.

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

Relative Strength Index (RSI)

RSI14 is 42 and the stock is currently not being overbought or oversold

Support & Resistance

Bank Of New York Mellon Corporation (The) finds support from accumulated volume at USD 46.65, USD 46.42, and USD 45.02. On the upside the stock meets some resistance just above today's level from accumulated volume at USD 47.14, USD 48.50 and USD 46.89.

The stock is about to test the resistance from accumulated volume at USD 47.14 and this may cause the stock to take a minor break or get into a more sideways move for a few days.

Risk

This stock is usually traded at good volume, and with minor daily changes the risk is considered to be low. During the last day, the stock moved USD 0.64 (1.37%) between high and low. For the last week, the stock has had a daily average volatility of 2.25%.

Our recommended stoploss: USD 44.16 (-5.54%) (This stock has low daily movements and this gives low risk. There is a buy signal from pivot bottom found 5 days ago.)

Evaluation

Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, for the wholesome period, we think that today's level holds a possible buying-opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our recommendation for this stock since last evaluation from a Hold/Accumulate to a Buy Candidate.

Buy Candidate

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