BlackRock Looks Pretty Solid After Earnings Beat
We should let the dust settle today, but my read of the charts says to aim price targets higher.
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Money manager BlackRock BLK reported a top-line and bottom-line beat Monday morning. CEO Larry Fink is watching his company's share price climb in the pre-market.
Let's check on the position of the charts and indicators.
In this daily bar chart of BLK, below, I can see that prices have been bouncing off the rising 200-day moving average line in April, May and June. Prices are trading at a new 52-week high in the pre-market. The trading volume has been active the past year and the math-driven On-Balance-Volume (OBV) line has moved sideways the past six months and is close to posting a new high for its move up.
A strong OBV line tells me that buyers of BLK have been more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero-line.
In this weekly Japanese candlestick chart of BLK, below, I see a positive picture. Prices have made a major base pattern and BLK trades above the rising 40-week moving average line. The weekly OBV line has been in an upward path the past two years. The MACD oscillator is above the zero-line, but was correcting lower for several months before narrowing towards a potential upside crossover and new outright buy signal.
In this daily Point and Figure chart of BLK, below, I can see that the software is projecting a price target in the $944 area.
In this weekly Point and Figure chart of BLK, below, I can see a price target in the $909 area. Not as high as the daily price target above.
Bottom line strategy: Shares of BLK are fluctuating in the premarket. A better "read" of the action will come during regular trading hours. The charts and indicators are positive so I would expect higher prices in the days ahead. The round number of $900 is my first target at this time. The Point and Figure charts could give us other higher targets.
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