BLK closes within prior day's range after lackluster session
BlackRock (BLK) Technical Analysis Report for Jul 13, 2018
Moving higher for the 2nd day in a row, BLK ended the week 3.13% higher at 507.09 after gaining $0.42 (0.08%) today on high volume. Today's closing price of 507.09 marks the highest close since June 26th. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session.
Friday's trading range was $8.07 (1.58%), that's below last trading month's daily average range of $9.36. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.
Prices are trading close to a key support level at 503.31.
Although the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Selling could speed up should prices move below the nearby swing low at 498.05 where further sell stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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