BK closes lower for the 2nd day in a row


The Bank of New York Mellon Corp. (BK) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
BK closes lower for the 2nd day in a row
BK breaks below previous session low
BK falls to lowest close since April 11th
TQ Sentiment
Report Sentiment: 33% Bearish
Technical Forecast:
Overview

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 chart for BK
Volatility

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.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

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.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for The Bank of New York Mellon Corp.
Condition Forecast Direction Win Avg Worst Best Events
White Candle TQ Pro Members Only
High close to previous High TQ Pro Members Only
High close to previous two Highs TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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