Bank of New York Roars Higher

Bank of New York Mellon (BK) is testing heavy resistance near its 52-week highs today. The stock has climbed more than 4.75% on heavy trade following this morning's third-quarter earnings report. Investors jumped on shares in the premarket, sparking a powerful gap-higher open that lifted the stock above its September peak. After a brief retracement, which filled the opening gap, the stock regained its momentum and is now flirting with new 52-week highs. With trade levels running well above average again today, the stock is set up well for more upside.

Bank of New York Mellon (BK) -- Daily Source: TradeStation View Chart » View in New Window »

On Tuesday, Bank of New York shares attracted quite a bit of attention due to the strong post-earnings performance of State Street (STT). Shares of State Street closed Tuesday, with a 4.7% gain on their heaviest upside trade since last October. While State Street is still below its September peak, Bank of New York has convincingly taken out this key level. This has allowed the latter to put multiple layers of support in place as it battles with the $24.70 area....145 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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