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Look for Shares of Bank of New York Mellon to Potentially Pullback after Yesterday's 1.82% Rise
Mar 08, 2013 (SmarTrend(R) News Watch via COMTEX) --
Bank of New York Mellon (NYSE:BK) traded in a range yesterday that spanned from a low of $28.18 to a high of $28.65. Yesterday, the shares gained 1.8%, which took the trading range above the 3-day high of $28.20 on volume of 5.8 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 June 29th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $21.73. Since that recommendation, shares of Bank of New York Mellon have risen 28.9%. We continue to monitor BK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Over the past year, Bank of New York Mellon has traded in a range of $19.30 to $28.65 and is now at $28.50, 48% above that low. The 200-day and 50-day moving averages have moved 0.58% higher and 0.54% higher over the past week, respectively.
Write to Chip Brian at cbrian@mysmartrend.com
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SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com
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