BlackRock shares are forming a nice weekly base in a high volume zone, a move above last week high can start a strong trend move
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$BLK Missed on earnings and revenue estimates yesterday. Technically the stock looks to be in a clear downtrend since peaking in January 2018. Will be looking for a weekly close this week at or below the 200d ema line - approximately $412. Targeting $340-$350 range by mid to late March.
Also of note, some bearish options activity this morning after the earnings...
Been pretty consistent historically. Good spot to short, although earnings coming out.
Starting with a small position.
enterend 394.5
Chart used for my historical reference.
Blackrock Inc. clear longer bias with new weekly demand levels being created. Price has not pulled corrected for months hence no retracement to buy setups at weekly demand imbalances created around 526, 481 and 424 price areas respectively. Long term long bias at weekly and monthly demand zones with new demand imbalances being created and respected.
We know pretty well NYSE:BLK Black Rock is one the best companies in the world, but even mesmerizing when you see there's no roof for it.
So, few times Buy and Hold is the best strategy for any real investment, not speculative.
Tomorrow is an earning reporting day, do not why, but I would be slightly bearish.
Have a Good Trading Week.
$BLK closed at a 52 week high on Monday. Financials have shown strength/seen a lot of sector rotation in the past week. RSI Perking back up after some sideways consolidation. Looking to go long with a pullback to the $427 area; stop with a close below ~$424.39. On my watch list for 7/5.
