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Possible Bearish Inside Day Candle Pattern Detected for Blackrock Inc (NYSE:BLK)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Blackrock Inc (NYSE:BLK) based on the price action in the company's shares. Yesterday's price range of $553.44 and $554.66 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Blackrock Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

BlackRock, Inc. provides investment management services to institutional clients and to retail investors through various investment vehicles. The Company manages funds, as well as offers risk management services. BlackRock serves governments, companies, and foundations worldwide.

In the past 52 weeks, Blackrock Inc share prices have been bracketed by a low of $403.54 and a high of $556.01 and closed yesterday at $559.52, 39% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.8%.

Potential upside of 8.6% exists for Blackrock Inc, based on a current level of $559.52 and analysts' average consensus price target of $607.38. The stock should discover initial support at its 50-day moving average (MA) of $514.29 and subsequent support at its 200-day MA of $467.30.

SmarTrend is tracking the current trend status for Blackrock Inc and will alert subscribers who have BLK in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle blackrock inc

Ticker(s): BLK