Long Bank of New York Mellon
Updated
On a hourly basis, selling pressure accelarated and exceeded the regular sell of pace. Rather than technical analysis only, I also did my own fair value analysis for the stock, and at this point, there is a strong underlying value which may support the price at these levels. On given the price in june and today there is a formation of double bottom and given the resistance of the price to recent further downs, I believe an upwards break out or a moderate bounce back is very likely in the short term.
Note
It moved as I expected with a slight lag which was incorporated with my analysis. At this point I am out of my position, and will be on sidelines to monitor Trump, Xi meeting. If the outcome will be bad, given the FED's stance, banks will be one of the major sector that will be getting hit.
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