The bullish DailyPlay we chose for Thursday Dec 8th is Bank of NY Mellon (BK). BK is part of the Financial Sector (XLF). Over the last month, XLF has experienced a 15.66% move higher and it’s 1m and 6m trend turned bullish on 11/7 while breaking above its $23 resistance level.
Bank of NY Mellon’s 1m and 6m trends turned bullish on 10/19 and recently bounced higher off its $47 support level. With a technical score of 4 (out of 10), BK looks positioned to continue this strong bullish trend higher.
As a stop loss, if BK was to trade below $47 for multiple days, this would invalidate our analysis and suggest getting out of the trade.