Monday, July 18, 2011

Blackrock (BLK)

I like Blackrocks' price action today.  It broke the uptrend line built on the March 2009 low, following the August 2010 low of the year.  Since then the bulls have stepped in taking the stock back above $180.  Notice that the December 2010 highs and recent February 2011 highs creating a downward trend resistance line and a bullish wedge.  Earnings for Blackrock are suppose to come out before the market Wednesday.  Depending on the close of today being above $180.55 or better, look for an upside move to test the resistance around $195.