Watch for Blackstone to Potentially Rebound After Falling 4.27% Yesterday
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.
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.
Over the past year, Blackstone has traded in a range of $22.31 to $44.43 and is now at $23.37, 5% above that low. Over the past week, the 200-day moving average (MA) has gone down 1% while the 50-day MA has advanced 0.3%.
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