BLK pops to highest close ever
BlackRock Inc. (BLK) Technical Analysis Report for Oct 16, 2020 | by Techniquant Editorial Team
Moving higher for the 8th day in a row, BLK ended the week 7.49% higher at 657.38 after gaining $11.14 (1.72%) today, significantly outperforming the S&P 500 (0.01%). Today's close at 657.38 marks the highest recorded closing price ever. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (BLK as at Oct 16, 2020):
Friday's trading range has been $11.15 (1.71%), that's slightly below the last trading month's daily average range of $12.25. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for BLK.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "8 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for BlackRock. Out of 4 times, BLK closed higher 75.00% 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 six trading days, showing a win rate of 75.00% with an average market move of 1.16%.