BLK soars, gaining $50.52 (12.59%) within a single day
BlackRock Inc. (BLK) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, BLK ended Thursday at 451.90 surging $50.52 (12.59%), significantly outperforming the S&P 500 (6.24%). This is the biggest single-day gain ever recorded for the market. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 439.99, the stock confirmed its breakout through the previous session high after trading up to $14.51 above it intraday.
Daily Candlestick Chart (BLK as at Mar 26, 2020):
Thursday's trading range has been $48.93 (11.99%), that's far above the last trading month's daily average range of $33.67. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BLK.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, BLK gained 7.98% on the following trading day.
BlackRock managed to close above the 20-day moving average at 419.10 for the first time since February 21st. Prices are trading close to the key technical resistance level at 459.02 (R1).
Although the share is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for BlackRock. Out of 411 times, BLK closed higher 52.07% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 55.96% with an average market move of 0.43%.