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

By James Quinn

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 $48.66 and $48.90 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.

In the past 52 weeks, shares of Bank Ny Mellon have traded between a low of $45.16 and a high of $58.99 and are now at $48.67, which is 8% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 0.7%.

Bank Ny Mellon (NYSE:BK) has potential upside of 25.7% based on a current price of $48.67 and analysts' consensus price target of $61.17. The stock should find initial resistance at its 50-day moving average (MA) of $50.19 and further resistance at its 200-day MA of $53.48.

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.

SmarTrend is monitoring the recent change of momentum in Bank Ny Mellon. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Bank Ny Mellon in search of a potential trend change.

Keywords: bearish inside day candle bank ny mellon

Ticker(s): BK