Blackstone Inc. (BX stock) price surged nearly 5% after taking a rebound from the key moving average, 50 EMA, indicating the dominance of the buyers at the lower levels. The bears tried to counter the bulls after a price hike due to quarterly results. However, the bears lost momentum near the 50 EMA. The bulls regained control over there and the price surged back again to the $108 level.
The BX Stock daily chart shows that the price was volatile for the past 3 months and trying to form an ascending triangle pattern. The price took multiple supports from the lower trendline support. The recent quarterly pre-earning sentiments were positive, triggering the breakout and the stock surged from $89 to $108.7.
The Friday session experienced some profit booking near the swing high and the price closed with an intraday decline of 1.77%. Still, the overall weekly chart registered a gain of nearly 5% to close at $104.49.
The Analysts offering a 1-year price forecast for Blackstone Inc. have a max estimate of $11.89 and a minimum estimate of $94. Blackstone Inc. is a giant in the field of investment and management services with an overall market cap of $127.06 Billion. The company operates in Real Estate, Credit and insurance, and hedge fund solutions.
BX stock option-chain analysis states that the current implied volatility in the market is 28.35% with an increment of 0.47% in the last trading session. The nearest resistance of $108 has an OI of 5331 open contracts on the CALL side and 27 open contracts on the PUT side indicating that the Sellers are in domination at the resistance which indicates that the price may possibly halt to accumulate buyers near the swing high to make a breakout.
BX Stock Price Bounced Back After Getting Buyer Support From 50 EMA
The BX stock price gained nearly 5% in the last week and managed to close near the swing high indicating buyers’ domination in the market at the moment. However, Friday’s session decline of 1.77% showed that the sellers are still present at the upper levels.
The price may need to consolidate to gain more buying volume to surpass the level of $108. Analysts are bullish on the current price trend in both the long term and the short term. The price has aligned its short-term trend towards the long-term trend which is favoring the bulls and the price may surge to form a new high after the breakout.
The EMAs Showing A Golden Crossover On the Daily Chart
The daily BX stock price chart shows that the price took support from the 50 EMA and surged higher indicating the presence of buyers at the lower levels.
Currently, the overall Technical Opinion rating including RSI and MACD is signaling a 90% buy with the strengthening short-term outlook on maintaining the current direction.
Conclusion
Blackstone Inc. (BX stock) price rose 5% after bouncing from the 50 EMA support. The stock broke out of an ascending triangle pattern due to positive quarterly results and reached $108.7. The price faced some selling pressure near the high and closed at $104.49 on Friday. Analysts are optimistic about the stock’s future performance and expect it to make a new high after consolidation. Blackstone Inc. is a leading investment and management company with a market cap of $127.06 Billion. It operates in real estate, credit, insurance, and hedge fund sectors.
Technical Levels
- Support levels: $95.21 and $87.77.
- Resistance levels: $108.37 and $116.96.
Disclaimer
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Source: https://www.thecoinrepublic.com/2023/09/04/bx-stock-price-prediction-will-key-level-decide-the-next-move/