• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Bruce Kamich
    • Doug Kass
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • Trifecta Stocks
  1. Home
  2. / Investing

BlackRock Is Poised to Make a Major Upside Breakout

The charts look like they can deliver results.
By BRUCE KAMICH
Jul 02, 2020 | 11:45 AM EDT
Stocks quotes in this article: BLK

The fast-paced "Lightning Round" segment of Mad Money is a viewer favorite. Lucky callers get to ask host Jim Cramer about companies they are interested in. One caller Wednesday night asked about BlackRock (BLK) : "BlackRock is a buy. That one is good," replied Cramer. 

 
Let's check out the charts of what is probably the world's largest money manager or asset manager.
 
In this daily bar chart of BLK, below, we can see that prices have been "flirting" with the February highs. Prices plunged dramatically in February and March but recovered very quickly. BLK is above the rising 50-day moving average line and the rising 60-day moving average line. A bullish golden cross can be seen in early June.
 
The On-Balance-Volume (OBV) line did not decline much in February and March which is amazing, but now the line is up at a new high and is foreshadowing further price gains because of the aggressive buying.
 
The Moving Average Convergence Divergence (MACD) oscillator declined in June but the two moving averages have been narrowing and we could soon see an upward cross and buy signal.   
 
 
In this weekly bar chart of BLK, below, we went back four years to show you an "interesting" pattern. If we put a thumb over the price action since February we should be looking at a large base pattern. The neckline is the $580-$590 area and prices are poised to break out over that zone. The weekly OBV line has been rising from late 2018 at the bottom of the pattern and shows just a temporary dip in February and March. The weekly MACD oscillator is in a bullish position above the zero line.  
 
 
 
In this Point and Figure chart of BLK, below, we used daily price data. A trade at $572.57 will be an upside breakout and refresh the uptrend. A $672 price target is indicated.  
 
 
 
In this weekly Point and Figure chart of BLK, below, we can see a possible longer-term price target of $802.  
 
 
Bottom line strategy: In full disclosure, I have met CEO Laurence Fink and President Robert Kapito a number of times and find them smart and very down to earth. I have no doubt they have hired a team that can deliver results. The charts look like they too can deliver results. Traders could go long BLK at current levels or on a trade at $572.57 or higher. Risk a close below $520 for now. The $672 area is our first price objective. 
Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

Employees of TheStreet are prohibited from trading individual securities.

TAGS: Investing | Stocks | Technical Analysis | Trading | Financial Services | Mad Money | Brokerages

More from Investing

Bearish Bets: 3 Stocks You Should Consider Shorting This Week

Bob Lang
Jul 3, 2022 10:30 AM EDT

These recently downgraded names are displaying both quantitative and technical deterioration.

Let's Shine a Light on Lucid Motors as It Slides Downhill

Brad Ginesin
Jul 2, 2022 1:00 PM EDT

LCID's market cap has been deflated, so is it now a bargain, or can it slip further?

Stop Wishing, Hoping and Praying and Take Control of Your Investing

James "Rev Shark" DePorre
Jul 2, 2022 10:00 AM EDT

The most powerful thing an investor can do is embrace the idea that they don't know what the future holds.

If You've Got Time, These Three Dividend Aristocrats Should Pay Off

Bob Ciura
Jul 2, 2022 7:30 AM EDT

There high-growth dividend stocks will be here over the long haul.

Welcome to Second Semester on Wall Street, Here's How to Make the Grade

Jim Collins
Jul 1, 2022 4:36 PM EDT

Think you can own big tech? You might just get an 'F' for that. Here's what will get you on the other side of this year.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 09:49 AM EDT JAMES "REV SHARK" DEPORRE

    This Weekend on Real Money

    Stop Wishing, Hoping, and Praying and Take Control...
  • 07:59 PM EDT PAUL PRICE

    Very Good Quarterly Numbers From Bassett Furniture (BSET)

    Bassett Furniture blew right through analysts es...
  • 04:41 PM EDT PAUL PRICE

    First-Half Results - Putrid; Second Half Results - Likely to Be Much Better

    It's great that we're done with June. 2022 mark...
  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2022 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login