In this blog post, we will review our multi-timeframe analysis in BlackRock (BLK). If you like this analysis, we do this analysis each and every week in the Top Chart of the Week, which is available to our Level 3 and 4 members. Gain access to the Top Chart of the Week and to our other popular services with a Free Account membership. This is an opportunity to explore some of the most popular askSlim Premium services. The offer runs from June 23, 2020 – July 7, 2020.
BlackRock (BLK) Multi-Timeframe Grid – annotations by askSlim.com
At askSlim.com we use technical analysis to evaluate price charts of stocks, futures, and ETF’s. We use a combination of cycle, trend and momentum chart studies, on multiple timeframes, to present a “sum of the evidence” directional outlook in time and price.
askSlim.com Technical Briefing: BLK’s monthly momentum is positive. The weekly cycle analysis suggests that the stock is in the late stages of an intermediate-term rising phase and due to pullback. The next intermediate-term low is due between the end of July and early September. Weekly momentum remains positive. The daily cycle analysis suggests that the stock is in a short-term rising phase. Daily momentum is negative.
On the upside, there is a Fibonacci extension zone from 564.25 – 587.55. On the downside, there is an intermediate-term support at 510.09 followed by a zone of support from 474.52 – 445.78. For the bears to gain control of the short-term, we would need to see a close below 417.03.
askSlim.com Sum of the Evidence: BLK is in the late stages of an intermediate-term rising phase on the weekly. There is a likelihood that the stock tests the rising intermediate-term supports beginning at 510 by August. Given the overall bullish configuration on both the monthly and weekly chart, the analysis suggests that the stock will likely get another rally back towards the recent swing highs around 570 by year-end.
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