BlackRock, Inc. (NYSE:BLK) About To Roll LowerLet's take a quick look at one of the leading investment management firms, BlackRock, Inc. (NYSE:BLK) and find the best place to trade it. Yesterday, the BlackRock (NYSE:BLK) stock had a key reversal day on the charts, even as the overall markets were flat. After the stock made a new all time high during the first minutes of trading, at $337.65, it then proceeded to sell off. The sell off lasted all day long, before catching a small bounce at the lows of $332.00
This kind of pattern and price action on the daily chart indicates one important thing, the extended move of BlackRock, Inc. (NYSE:BLK) might be over. Traders looking to go short this equity can do so at around $333.00 and placing Wednesday's high as a stop loss on a closing basis - which means if you short the stock and it goes above that previous high and closes above, you exit the position for a small loss. However, BlackRock, Inc. (NYSE:BLK) does have a move lower in the cards, and the ultimate profit target for those short the stock should be $314.00.
For live alerts as well as precise entry and exit levels on stocks of all price ranges, come and join us at the Elite Round Table as we get in and out of the markets before everyone else. For our FREE market moving news and alerts join our mailing list here.
Kiliam L.
Elite Round Table, Pro Trader
@KliiamLopez
www.inthemoneystocks.com
