Blackstone Inc. (BX stock) price showed a breakout and is trying to retest the 20-day EMA to extend the bullish trend in the coming sessions. Moreover, the price action highlights buying momentum – forming higher highs over the past number of sessions. Furthermore, the chart suggests that BX stock has continued stretching the gains and is extending the up move over. However, multiple resistance levels were placed around the $120 mark, and sellers were looking to retest the round mark of $100 soon.
BX stock price is above the significant moving averages and is showing bullishness on the charts. Moreover, the price action shows the bulls’ dominance and favouring the bulls, suggesting that investors have gained strength and looked strong for the past sessions. However, the sellers tried to hold the rally and showed a double bottom pattern on the charts.
At press time, BX stock price is trading at $111.13 with an intraday drop of 2.71%, showing bullishness on the charts. Moreover, the trading volume decreased by 2.90% to 5.836 Million, and the market cap is $135.077 Billion. However, analysts maintained a buy rating and suggested a strong buy outlook for the coming sessions.
Blackstone, Inc. engages in the provision of investment and fund management services. It operates through the following segments: Real Estate, Private Equity, Credit and Insurance, and Hedge Fund Solutions. The Real Estate segment includes the management of opportunistic real estate funds, Core+ real estate funds, high-yield real estate debt funds, and liquid real estate debt funds.
The Private Equity segment consists of the management of flagship corporate, private equity funds, sector and geographically focused corporate, private equity funds, core private equity funds, an opportunistic investment platform, a secondary fund of funds business, infrastructure-focused funds, a life sciences investment platform, a growth equity investment platform, a multi-asset investment program for eligible high net worth investors and a capital markets services business.
BX Stock Shows Uptrend on Daily Charts
On the daily charts, BX stock price has gained momentum and strength. Moreover, the price action is favoring the bulls and suggests a further up move toward $130. Furthermore, the BX stock price is trading above the 61.8% Fib zone and showing strength.
The RSI curve stayed in the overbought zone, showing a bullish divergence and a positive crossover. The bullish crossover on the MACD suggests a significant upside for the following sessions.
Summary
Blackstone Inc. (BX stock) price is above the significant moving averages, showing strength on the charts. Moreover, the price action suggests that there was follow-up buying from the 20-day EMA. Furthermore, the chart structure shows the bulls’ dominance; and a significant upside is likely in the upcoming sessions.
Technical Levels
Support Levels: $100 and $85
Resistance Levels: $120 and $130
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/22/will-blackstone-inc-nyse-bx-price-skyrocket-to-150/