BLK Short Trade Setup & Entry

BLK (Blackrock Inc.) will be added as an Active Short Trade at today's open with an alternative, more conventional short entry or add-on to come on a break below this 30-minute bearish rising wedge pattern.

The rational for shorting ahead of the breakdown is two-fold: BLK is closed just off a rising wedge pattern that appears to be in its final stages (i.e.- prices are now approaching the tail-end of where a wedge pattern typically breaks down, if it is going to do so). Add to the the fact that the upside in the stock is most likely limited as Blackrock has triple intersecting resistance levels just overhead; the 200-day ema, the downtrend line off the late April highs as well as a decent horizontal resistance level around 334.50.

2015-11-10T15:53:09+00:00 Oct 19, 2015 8:54am|Categories: Completed Trades - Short|Tags: |Comments Off on BLK Short Trade Setup & Entry