Shares of Bank of New York are up over 5% today. This is the stock’s best gain of the year and puts on the top 10 gainers list of the S&P 500 Index. Nice way to start the week.
BK put in a divergent low(daily MACD) late last month as shares reached new 2019 lows. This MACD set up looks very similar to the Q4/2018 pattern. As back then, BK is well off oversold levels and is leaving behind layers of support.
We are long the stock and will be adding on weakness. We consider the $44.00 to $43.00 area as very solid support. Initial upside target is the $48.00 area(200D moving average.)