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After Yesterday's Rally of 1.86% Shares Could Potentially Pullback

By David Diaz

Bank of New York Mellon (NYSE:BK) traded in a range yesterday that spanned from a low of $39.61 to a high of $40.10. Yesterday, the shares gained 1.9%, which took the trading range above the 3-day high of $39.82 on volume of 2.2 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Bank of New York Mellon has traded in a range of $32.20 to $1950.00 and is now at $40.01, 24% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 1.0%.

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

Keywords: rebounders Bank of New York Mellon

Ticker(s): BK