BlackRock Inc. (BLK stock) price is in a narrow congestion range and has faced rejection multiple times from the cluster of $760 in the past sessions. Moreover, the stock has broken the lower trendline and slipped below significant moving averages, showing selling pressure on the charts. However, BLK stock is trading near the prior support of $650 and could make another pass at $680.
BLK stock price action shows roller coaster moves and made a double bottom pattern near $625. From there, a slow and steady recovery was noted, and the price retested the highs of $760 last week. However, it was the fifth attempt of bulls, and the rejection continued with the price retracing toward the support region near $650.
However, the bulls did not let back and persisted in trying, whereas sellers maintained a strong grip and did not permit the bulls. Furthermore, the fight between bulls and bears continued in the past sessions, and the price remained in a narrow range.
At press time, BLK stock price was $673.16, with an intraday drop of 0.83%, showing a mildly negative chart structure. Moreover, trading volume remained at 356.878K, with the market cap at $100.505 Billion. However, analysts maintained a strong buy rating with a yearly target price of $812.47, suggesting a strong growth outlook.
BlackRock, Inc. provides investment management, risk management, and advisory services worldwide for institutional and retail clients. Its products include single and multi-asset class portfolios investing in equities, fixed income, alternatives, and money market instruments. The company was founded by Susan L. Wagner, Robert Steven Kapito and Laurence Douglas Fink in 1988 and is headquartered in New York, NY.
BLK Stock Shows Trendline Breakdown on Daily Charts
BLK stock price remained below $700, showing strong bullish and bearish pressure in the past sessions. However, sellers looked aggressive and maintained a firm grip near the supply region of $760, where bulls faced rejection multiple times. However, BLK stock price trades above the neutrality and near the mid bollinger band.
The RSI curve headed the oversold region and showed a negative crossover, indicating selling pressure on the charts.
The bearish crossover in the MACD suggests a negative outlook due to the rejection from the cluster of $760 in the past sessions.
Summary
BlackRock Inc. (BLK stock) price is trading below the key moving averages and was under selling pressure in the past sessions. Moreover, the stock continued to face rejections and hovered in the narrow range below $700, indicating a strong resistance near $750, which bulls failed to surpass for the past weeks. However, BLK stock price action shows neutrality on the charts, and if it escapes $680, it would head toward the $700 mark in the following sessions.
Technical Levels
Support Levels: $650 and $630
Resistance Levels: $680 and $700
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/08/25/blackrock-inc-blk-stock-facing-rejections-will-700-sustain/