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Blackstone Set to Possibly Rebound After Yesterday's Selloff of 4.27%

By David Diaz

Blackstone (NYSE:BX) traded in a range yesterday that spanned from a low of $23.33 to a high of $24.28. Yesterday, the shares fell 4.3%, which took the trading range below the 3-day low of $23.85 on volume of 3.5 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

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 5% above that low price at $23.37 per share. Over the last five market days, 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 7.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: rebounders Blackstone

Ticker(s): BX