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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Bank Ny Mellon (NYSE:BK) based on the price action in the company's shares. Yesterday's price range of $46.23 and $46.78 is within the prior day'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. Traders and investors interested in shares of Bank Ny Mellon may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 29.7% for shares of Bank Ny Mellon based on a current price of $47.16 and an average consensus analyst price target of $61.17. The stock should hit resistance at its 50-day moving average (MA) of $49.63, as well as support at its 200-day MA of $46.53.

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.

Over the past year, Bank Ny Mellon has traded in a range of $40.52 to $54.27 and closed yesterday at $47.16, 16% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.2%.

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: bullish am inside day candle bank ny mellon

Ticker(s): BK