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BANK OF NEW YORK MELLON CORP is setting up nicely for a breakout.

By Mill Chart

Last update: Mar 7, 2024

Our stock screener has detected a potential breakout setup on BANK OF NEW YORK MELLON CORP (NYSE:BK). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:BK.

BK Daily chart on 2024-03-07

Technical Analysis Observations

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

Taking everything into account, BK scores 8 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, BK is showing a nice and steady performance.

  • The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
  • When comparing the yearly performance of all stocks, we notice that BK is one of the better performing stocks in the market, outperforming 72% of all stocks.
  • BK is one of the better performing stocks in the Capital Markets industry, it outperforms 73% of 209 stocks in the same industry.
  • BK is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
  • In the last month BK has a been trading in a tight range between 53.40 and 56.36.

Our latest full technical report of BK contains the most current technical analsysis.

Why is NYSE:BK a setup?

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NYSE:BK exhibits a 9 setup rating, indicating its consolidation status in recent days and weeks.

BK has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 55.79. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 55.62, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:BK

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.

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BANK OF NEW YORK MELLON CORP

NYSE:BK (5/24/2024, 7:16:46 PM)

After market: 59.09 0 (0%)

59.09

+0.76 (+1.3%)

BK News

News Image9 days ago - BloombergBNY Mellon CEO Robin Vince Touts AI in Future Growth Push

Bank of New York Mellon Corp., the longest operating company in New York, the oldest member of the S&P 500 and the first stock listed on the New York Stock Exchange, is doubling down on AI to help drive its expansion, according to its chief executive officer.

News Image9 days ago - BNY MellonBNY Mellon to Report Second Quarter 2024 Results on July 12, 2024

/PRNewswire/ -- The Bank of New York Mellon Corporation ("BNY Mellon") (NYSE: BK), the global financial services company, will report financial results for the...

News Image10 days ago - BNY MellonBNY Mellon to Speak at the Goldman Sachs European Financials Conference

/PRNewswire/ -- The Bank of New York Mellon Corporation ("BNY Mellon") (NYSE: BK), the global financial services company, today announced that Dermot McDonogh,...

News Image16 days ago - BNY MellonBNY Mellon Collaborates with Ponce Bank through the U.S. Department of Treasury Financial Agent Mentor-Protégé Program

/PRNewswire/ -- BNY Mellon (NYSE:BK), the global financial services company, today announced a collaboration with Ponce Bank, a Bronx-based Minority Deposit...

News Imagea month ago - BNY Mellon Investment Adviser, Inc.BNY Mellon Municipal Bond Closed-End Funds Declare Distributions
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The Nasdaq and S&P 500 tumbled below their 50-day lines.

News Imagea month ago - Market News VideoBank of New York Mellon Takes Over #208 Spot From Ameriprise Financial
News Imagea month ago - InvestorPlaceBK Stock Earnings: Bank of New York Mellon Beats EPS, Beats Revenue for Q1 2024

BK stock results show that Bank of New York Mellon beat analyst estimates for earnings per share and beat on revenue for the first quarter of 2024.

News Imagea month ago - Yahoo FinanceStock market today: Dow jumps 200 points as earnings roll in

Stocks eyed a broader comeback from a steep sell-off as investors digested results from Bank of America and other heavyweights.

News Imagea month ago - Investor's Business DailyBank Of America Rebound Hinges On Today's Action; Morgan Stanley Surges On Earnings

Bank of America to flash a buy, sell signal on post-earnings action. Morgan Stanley reports first EPS gain in eight quarters.

News Imagea month ago - Yahoo FinanceStock market today: Dow futures jump over 200 points as earnings roll in

Stocks eyed a broader comeback from a steep sell-off as investors digested results from Bank of America and other heavyweights.

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