BANK OF NEW YORK MELLON CORPORATION (THE)
Bank of New York Mellon shares are likely to start a correction phase.
EPS are expected to decrease this year. Indeed, the stock is close to the price targeted by analysts who are covering it, which is likely to stimulate some profit taking.
After a technical rebound, the stock is showing signs of weaknesses near to the USD 41.53 resistance. The share should consolidate near this area. It could act as a stopping point of the upward movement. This scenario suggests a return to the USD 39.19 support area which will be a bearish objective.
Due to the technical configuration and a bad fundamental situation that does not justify the current valuation of the bank, investors can open a short position close to the USD 41.53 resistance. The price target is set at USD 39.19 and a stop loss will be placed above USD 41.53.
Bank of New York Mellon Corporation (The) : The stock should consolidate
March 19, 2015 at 10:14 am EDT
By Anas Boumedian
By Anas Boumedian
Share
SELL
Live
| Entry price | Target | Stop-loss | Potential |
|---|---|---|---|
| $40.83 | $0 | $42.7 | +100% |
Share
