BK finds buyers at key support level
Bank of New York Mellon Corporation (BK) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
BK finished the week -0.32% lower at 53.03 after losing $0.47 (-0.88%) today. Today's closing price of 53.03 marks the lowest close since April 18th. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (BK as at Jul 13, 2018):
Friday's trading range was $0.90 (1.69%), that's slightly below last trading month's daily average range of $0.93. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
After trading as low as 52.74 during the day, the market bounced off the key support level at 52.85. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move above 53.68 in the previous session, the stock ran into sellers again around the same price level today, failing to move higher than 53.64.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Trading close to May's low at 52.66 we might see further downside momentum if potential sell stops at the level get triggered.