Checking In On Our Founding Fathers

• Posted by Greg Harmon
• on June 19th, 2014

Two hundred and 30 years ago The Bank of New York was founded by Alexander Hamilton. Hamilton would go on to become the first Secretary of the Treasury under George Washington and then years later die in a duel with Aaron Burr. His institution remained in existence until it merged with Mellon Bank in 2007, to form The Bank of New York Mellon ($BK). More recently the stock of the company has had a good look to it as a trade or maybe more.

Since making a double bottom at 31 in February, it has had rising trend support, making higher lows. And it has consolidated against a resistance area between 35.35 and 35.85. The momentum indicators are bullish and rising, supporting a push through that resistance. If it breaks higher, through the top of what has become an ascending triangle, look for a move to continue to 40.

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