BK unable to break through key resistance level

The Bank of New York Mellon Corp. (BK) Technical Analysis Report for Apr 16, 2018

Highlights

BK pushes through 20-day moving average
BK unable to break through key resistance level
BK stuck within tight trading range
BK closes within previous day's range after lackluster session
BK ends the day indecisive

TQ Sentiment

Report Sentiment: 22% Bullish
Technical Forecast:

Overview

BK finished Monday at 51.99 gaining $0.42 (0.81%) on low volume. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for BK

Volatility

Monday's trading range was $0.52 (1.0%), that's far below last trading month's daily average range of $1.29. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 51.25 and 52.54 which it has been in now for the last three days.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, the stock managed to close higher but below the prior day's open, forming a bullish Harami Candle.

Support/Resistance

Unable to break through the key technical resistance level at 52.00, the share closed below it after spiking as high as 52.28 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.

Trend

While the market is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory. BK managed to break above the 20-day moving average at 51.71 today for the first time since March 9th.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 52.54 where further buy stops might get triggered. Selling could speed up should prices move below the nearby swing low at 51.25 where further sell stops might get activated. With prices trading close to this year's low at 49.39, downside momentum could accelerate should the stock 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.

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