Earnings Play: Bank of New York Mellon

Bank of New York Mellon's 2Q earnings release is expected on Wednesday. Here is what to look out for.

Uptrend 2

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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