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Fan Yang

Blackrock Inc. (BLK) Has Downside to $460

Shares of Blackrock Inc. $BLK have been trading down in 2018. In the daily chart, we can see that price action was mainly in a wedge for the first half of the year. However after price crossed below the 200-, 100-, and 50-day simple moving averages (SMAs), price action turned more bearish, entering another phase in this consolidation/correction period. 

BLK Daily Chart

(click to enlarge)

Bearish Signs:
- Other than the bearish tailwind from the current bearish correction mode, BLK has some bearish signs that suggest further downside.
- First of all, price is seeing resistance around $490 again at the end of last week, and is retreating this week.
- The candlestick combination as price tested $490 these couple of weeks suggest that bears are still in charge. 
- Also Note that the RSI came up to 60 but turned down, reflecting maintenance of the bearish momentum.
- At this point, only a break above $500 should put the bearish outlook a pause,
- A break above $520 would likely be part of a bullish continuation run.
Downside:
- I think there is downside pressure towards $460. 
- I would limit the bearish outlook to $440 for now, which is another resistance pivot that might act as support.
- It will probably require some market risk to bring BLK lower than $440. 
- Now, if BLK does retreat further, the 400 area will be critical support.
- This is a previous resistance pivot, AND where the 200-week SMA resides. If we see price down here around $400, and a bullish divergence with the weekly RSI, I would expect a strong bullish attempt. 

BLK Weekly Chart

(click to enlarge)