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Possible Bearish Inside Day Candle Pattern Detected for Bank Ny Mellon (NYSE:BK)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Bank Ny Mellon (NYSE:BK) based on the price action in the company's shares. Today's price range of $52.67 and $52.75 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Bank Ny Mellon may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Bank Ny Mellon share prices have moved between a 52-week high of $58.22 and a 52-week low of $43.67 and are now trading 21% above that low price at $52.67 per share. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.2%.

The Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company. The Company provides asset and wealth management, asset servicing, issuer, clearing, and treasury services for institutions, corporations, and high net worth individuals.

Bank Ny Mellon has overhead space with shares priced $52.67, or 13.9% below the average consensus analyst price target of $61.17. The stock should find initial support at its 50-day moving average (MA) of $52.04 and further support at its 200-day MA of $50.98.

SmarTrend is tracking the current trend status for Bank Ny Mellon and will alert subscribers who have BK in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle bank ny mellon

Ticker(s): BK