After trading range-bound for quite a long time, Bank of New York
Mellon Corp stayed within the price band of 35.60 – 38.55 seen in late 2006 and is now finally attempting to start moving upward. The gauge broke out of a diamond that shaped up within this gap to the upside, and the path toward the historic 50 mark is clear. Investors are advised to buy from the bound of the diamond that was broken near the 40.30-40.40 range towards the abovementioned target.
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