BlackRock, Inc. (NYSE:BLK) About To Roll Lower

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Let's take a quick look at one of the leading investment management firms, BlackRock             , Inc. (NYSE:BLK) and find the best place to trade it. Yesterday, the BlackRock             (NYSE:BLK) stock had a key reversal day on the charts, even as the overall markets were flat. After the stock made a new all time high during the first minutes of trading, at $337.65, it then proceeded to sell off. The sell off lasted all day long, before catching a small bounce at the lows of $332.00

This kind of pattern and price action on the daily chart indicates one important thing, the extended move of BlackRock             , Inc. (NYSE:BLK) might be over. Traders looking to go short this equity can do so at around $333.00 and placing Wednesday's high as a stop loss on a closing basis - which means if you short the stock and it goes above that previous high and closes above, you exit the position for a small loss. However, BlackRock             , Inc. (NYSE:BLK) does have a move lower in the cards, and the ultimate profit target for those short the stock should be $314.00.

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Kiliam L.
Elite Round Table, Pro Trader
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