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Possible Bullish Inside Day Candle Pattern Detected for Blackstone (NYSE:BX)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Blackstone (NYSE:BX) based on the price action in the company's shares. Today's price range of $25.08 and $25.40 is within yesterday'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. Traders and investors interested in shares of Blackstone may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

The Blackstone Group LP is a global alternative asset manager and provider of financial advisory services. The firm's asset management businesses include the management of corporate private equity funds, real estate funds, mezzanine funds, proprietary hedge funds and closed-end mutual funds. Blackstone also provides M&A and reorganization advisory, as well as private placement services.

Potential upside of 66.7% exists for Blackstone, based on a current level of $25.19 and analysts' average consensus price target of $41.99. The stock should find initial resistance at its 50-day moving average (MA) of $27.70 and further resistance at its 200-day MA of $30.69.

Blackstone share prices have moved between a 52-week high of $44.43 and a 52-week low of $22.31 and are now trading 13% above that low price at $25.19 per share. Over the past week, the 200-day moving average (MA) has gone down 1% while the 50-day MA has advanced 0.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Blackstone on May 12th, 2016 by issuing a Downtrend alert when the shares were trading at $26.43. Since that call, shares of Blackstone have fallen 5.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Blackstone

Ticker(s): BX