By Mill Chart
Last update: Jun 6, 2024
Our stock screener has flagged BANK OF NEW YORK MELLON CORP (NYSE:BK) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:BK for potential movement.
Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.
Taking everything into account, BK scores 10 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, BK is showing a nice and steady performance.
Check the latest full technical report of BK for a complete technical analysis.
Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:BK this score is currently 9:
Besides having an excellent technical rating, BK also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 59.50. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 57.56, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.
A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.
Of course, there are many ways to trade or not trade NYSE:BK and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.
More breakout setups can be found in our Breakout screener.
Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.