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SmarTrend Watching for Potential Pullback in Shares of Bank of New York Mellon After 1.14% Gain

By James Quinn

Bank of New York Mellon (NYSE:BK) traded in a range yesterday that spanned from a low of $49.26 to a high of $49.72. Yesterday, the shares gained 1.1%, which took the trading range above the 3-day high of $49.66 on volume of 1.9 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

SmarTrend recommended that subscribers consider buying shares of Bank of New York Mellon on February 15th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $47.17. Since that recommendation, shares of Bank of New York Mellon have risen 4.1%. We continue to monitor BK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

In the past 52 weeks, shares of Bank of New York Mellon have traded between a low of $32.20 and a high of $1950.00 and are now at $49.68, which is 54% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has slid 0.2%.

Keywords: rebounders Bank of New York Mellon

Ticker(s): BK