Earnings Play: Bank of New York Mellon
Jason Lubin July 14, 2020 11:16 AM
Bank of New York Mellon's 2Q earnings release is expected on Wednesday. Here is what to look out for.
On Wednesday, before market, Bank of New York Mellon (BK) is anticipated to report second quarter EPS of $0.92 compared to $1.01 a year ago. Bank of New York Mellon operates as an international financial company and its current analyst consensus rating is 10 buys, 8 holds and 1 sell, according to Bloomberg.
Looking at a daily chart, Bank of New York Mellon's stock price has been rising inside of an ascending channel pattern that began to form in mid-March. The RSI is currently sitting just above its neutrality area at 54. Price has been holding in a range between the $36.00 level and the $40.00 level since June 11th. When price breaks out of this range price is likely to gain momentum in whichever direction that may be. Given that price has been in a bullish channel, it is more probable that price will break out to the upside of the range, continuing the up trend to the $43.00 level. If price falls below the $36.00 level, it will also be falling below the lower trend line of the rising channel and entering a new downward trend. In which case price could fall to the $33.00 level.
Source: GAIN Capital, TradingView
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