Financial Name Forming Post Earnings Bull Flag
Bank of NY Mellon (BK) shares of the bank name are forming a bull flag near highs and have consolidated nicely above the 21 EMA post earnings the past month and should setup well on a trigger break above 86 that likely will target a move towards 90. Potential first resistance at the monthly value high of 87.70 but with financial stocks staying in strong uptrends, dips are likely to be bought. BK still has the large 2300 January $70 ITM calls in open interest from buyers last summer that have more than tripled. Also a recent new buyer of 1500 Sept $95 calls at $3.00 on 1/28 remains in OI.