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Downtrend Broken Resist.Archive
- 5/10/2024 -
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BlackRock (BLK) Technical Analysis
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| Summary:
| | Weekly :   | | Daily :
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| | It was a third positive week after 3 consecutive negative weeks for the BlackRock (BLK). During the week, the BLK gained 32.76 points, or 4.29%, and closed at 796.67 on Friday, May 10, 2024. It was the best weekly gain since December 15, 2023. BLK was trading at average weekly trading volume.
BLK is a member of Financials Sector. Financials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See BLK long-term trend chart]
A long-term downtrend had started on November 12, 2021 at 973.03 and reached 503.12 on October 13, 2022. BLK lost 469.91 points, or 48.29%, in 47 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (643.96) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. BLK may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
 Medium-term trend: [See BLK medium-term trend chart]
A medium-term downtrend had started on March 8, 2024 at 845.00 and reached 745.55 on April 19, 2024. BLK lost 99.45 points, or 11.77%, in 6 weeks. The price is now at the 51.40% retracement level.
 Weekly Technical Indicators: [See BLK weekly technical indicators chart]
Weekly Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.
The weekly MACD line is below its signal line since April 5, 2024. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.
 Short-term trend: [See BLK short-term trend chart]
A short-term uptrend had started on April 19, 2024 at 745.55 and reached 799.23 on May 10, 2024. BLK gained -53.68 points, or -7.20%, in 21 days. Price is near the trend high.
 Daily Technical Indicators: [See BLK daily technical indicators chart]
Daily Williams' Percentage Range is overbought while Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range or strongly overbought daily Lane's Stochastic. Use the following link to access Williams' Percentage Range help.
The daily MACD line is above its signal line since April 26, 2024. This is an indication that the short-term trend is up.
During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
During the last week, the price has advanced above the 50 Day Moving Average. While the medium-term trend is down and daily technical indicators are overbought, the 50 Day Moving Average is considered a resistance level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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