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The Bank of New York Mellon Corporation (BK) - free report >>
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The Bank of New York Mellon Corporation (BK) - free report >>
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The Bank of New York Mellon Corporation (BK) Recently Broke Out Above the 200-Day Moving Average
After reaching an important support level, The Bank of New York Mellon Corporation (BK - Free Report) could be a good stock pick from a technical perspective. BK surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.
A useful tool for traders and analysts, the 200-day simple moving average helps determine long-term market trends for stocks, commodities, indexes, and other financial instruments. It moves higher or lower in conjunction with longer-term price performance, and serves as a support or resistance level.
Shares of BK have been moving higher over the past four weeks, up 8.8%. Plus, the company is currently a Zacks Rank #3 (Hold) stock, suggesting that BK could be poised for a continued surge.
The bullish case solidifies once investors consider BK's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 5 higher, while the consensus estimate has increased too.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on BK for more gains in the near future.