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Bank of New York Mellon Corp. (BK) - Is the all-time high under attack?

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ISIN: US0640581007

The Bank of New York Mellon Corp. focuses primarily on the core business areas of asset management and investment services. In July 2007, the bank merged with Mellon Financial Corporation. The most important banks for the present-day company continue to be the Bank of New York Mellon, with a focus on the supervision of institutional customers, and the BNY Mellon National Association. The Bank of New York Mellon provides services in the fields of asset management, issuer services, treasury services and broker deals. The main focus is on the area of asset management.

In the following analysis, we will examine the stock of the company from a chart-related point of view.

Review (daily chart):

After a long, trendless sideways phase, this phase was exited upwards with plenty of dynamism and volume in the middle of June. At the same time, a new all-time high was marked in the process. Since then, a nice upward trend has formed, meaning that one new high after the other has been reached. Most recently, the stock corrected more strongly; however, the dynamism of this downward movement has already subsided, namely precisely before the last relevant low and the important SMA 200 average. Currently, the stock is providing an opportunity for a long entry with very good profit potential.

Outlook hourly chart

In the hourly chart, we can see the correction that is currently underway, which has yet to develop in our preferred trading direction.

For a long entry, one should wait for the formation of a signal in the form of a P2, and place the stop loss below the last P3 (shown in green).

Alternatively, and with the advantage of a cheaper stop, one can also practice trading from out of the correction or the formation of a reversal candle at a significant point.

The first target is located in the area around $55.00 (see green zone in the daily chart). A continuation of the trend to form new all-time highs may well be on the cards.

If the price considerably undercuts the last significant low at $50.15, one should abandon the long scenario for the time being (see lower red zone in the daily chart).

Before trading, one should take news in the environment and from the company into account.

Similarly, one should also observe the development of the overall market.

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About the author

Gilbert Kreuzthaler is the founder and CEO of Include IT GmbH and AgenaTrader. He is responsible for coordinating and managing the development of the highly innovative equity/Forex/options/CFD trading platform AgenaTrader 

He also supervises the strategic element of Include IT GmbH, in order to successfully place AgenaTrader on the worldwide trading market.

With over 25 years of experience in software development as well as requirements and project management, he has a successful history in software engineering for various international companies in the financial industry.

Gilbert Kreuzthaler has held requirements and project management positions with great responsibility at P.S.K. Austrian Postbank, Unisys Austria, Unisys International, Czech Savings Bank and Allianz Austria/Suisse/Germany. 

Between 1995 and 2007, he was one of the architects of the Allianz Business System (ABS), which is currently being implemented as the standard application for all Allianz organizations worldwide.

In the years following, Gilbert managed the development of a wide range of subjects: cars, property, commercial insurance and investment funds.

During these years, he continued to work on the ABS project as a self-employed external consultant with internal leadership responsibilities within Allianz, and was also in charge of heading up all the issues concerning Include IT GmbH.

In addition, he has a profound knowledge of the stocks/futures and Forex markets, and a successful history as a private trader and as a proprietary trader for a NY-based prop trading firm.

After searching for and failing to find a trading platform on the worldwide market that really deserved the term “trading tool”, Gilbert was inspired to combine these major business branches in order to finally create the trading software that the market needs.

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