BLK closes -2.37% lower at 622.19
BlackRock Inc. (BLK) Technical Analysis Report for Oct 26, 2020 | by Techniquant Editorial Team
BLK ended Monday at 622.19 tanking $15.12 (-2.37%), underperforming the S&P 500 (-1.86%).
Daily Candlestick Chart (BLK as at Oct 26, 2020):
Monday's trading range has been $15.76 (2.5%), that's slightly above the last trading month's daily average range of $13.14. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BLK.
Prices are trading close to the key technical resistance level at 633.03 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Down" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for BlackRock. Out of 104 times, BLK closed higher 57.69% 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 64.42% with an average market move of 1.24%.