Bank of New York Mellon Corporation (The)(BK) is in an downtrend but momentum is showing some life

(29-Feb-2008) (29-Feb-2008) Bank of New York Mellon Corporation (The)(BK) closed at 46.17, down -0.5 or -1.07 % today. Based on our analysis, Bank of New York Mellon Corporation (The)(BK) is in an downtrend but momentum is showing some life.

The closing price of Bank of New York Mellon Corporation (The)(BK) is below its 50 day moving average of 46.72 (Designated by blue line). This indicates that the trend is down. The MACD histogram(Gray bars on the bottom) above the signal line(Dark Red Line) tells us that Bank of New York Mellon Corporation (The)(BK) is gaining momentum. An downtrend with sustained rising momentum could be early sign of reversal. The MACD histogram crossed above the signal line on 22-Feb-2008, about 6 trading days ago.