Bank of New York Mellon
First up is Bank of New York Mellon ( BK), a $34 billion banking name that's posted some strong performance numbers in 2013. BK has rallied nearly 18% since the start of the year, just barely edging out the S&P over that same period. And now shares are lining up very closely with the big index's uptrend.
You don't have to be an expert technical analyst to figure out what's going on in BNY Mellon -- a glance at the chart should do just fine. That's because BK has been in a textbook uptrend since last fall, bouncing higher all the way up in a well-defined range. While shares aren't as close to trendline support in BK as they are in the S&P, this big bank is getting there. The ideal time to be a buyer comes on a bounce off of that trendline support level.Buying off a support bounce makes sense for two big reasons: it's the spot where shares have the furthest to move up before they hit resistance, and it's the spot where the risk is the least (because shares have the least room to move lower before you know you're wrong). If you decide to jump in, I'd recommend keeping a protective stop above the 200-day moving average.
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