BK closes lower for the 2nd day in a row
Bank of New York Mellon Corporation (BK) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, BK finished the week -3.32% lower at 51.02 after losing $1.27 (-2.43%) today on high volume. Today's closing price of 51.02 marks the lowest close since April 11th. Closing below Thursday's low at 52.27, the market confirms its breakout through the previous session's low having traded $1.71 below it intraday.
Daily Candlestick Chart (BK as at Aug 10, 2018):
Friday's trading range was $1.11 (2.15%), that's above last trading month's daily average range of $0.87. Weekly volatility is also higher, being above the markets average with the monthly volatility being above average.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 49.39, downside momentum could speed up should the share break out to new lows for the year.