BLK unable to break through key resistance level


BlackRock Inc. (BLK) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team

Highlights

BLK rallies 1.51% on low volume
BLK dominated by bulls lifting the market higher throughout the day
BLK pushes through 20-day moving average
BLK unable to break through key resistance level
BLK pushes through previous session high

Overview

BLK ended the week 0.98% higher at 476.06 after surging $7.08 (1.51%) today on low volume. This is the biggest single day gain in over a month. Today's closing price of 476.06 marks the highest close since September 5th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 474.45, BlackRock confirms its breakout through the previous session's high having traded $4.29 above it intraday.

Daily Candlestick Chart (BLK as at Sep 14, 2018):

Daily technical analysis candlestick chart for BlackRock Inc. (BLK) as at Sep 14, 2018

Friday's trading range was $8.35 (1.78%), that's above last trading month's daily average range of $6.46. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Unable to break through the key technical resistance level at 478.00, the share closed below it after spiking as high as 478.74 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.

While the market 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. The stock managed to break above the 20-day moving average at 475.72 today for the first time since September 5th.

With prices trading close to this year's low at 466.01, downside momentum could speed up should BLK break out to new lows for the year.


Market Conditions for BLK as at Sep 14, 2018

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