Blackstone (BX) reported better-than-anticipated EPS numbers Thursday morning and the stock is higher in early trading.
When we looked at BX on Aug. 9 we wrote that, "The charts and indicators for BX are bullish with a potential $153 price target. Trade BX from the long side risking to $102."
Let's check out the charts again.
In the updated daily bar chart of BX, below, we can see that the shares rallied into a September high and then corrected to the $110 area. Our sop at $102 was not elected so traders should still be long from early August. Sell stops could be raised to $109 now. The shares are trading above the rising 50-day moving average line and above the 200-day line.
The On-Balance-Volume (OBV) line dipped with the price action in September and has turned upwards again this month. The Moving Average Convergence Divergence (MACD) oscillator has crossed to the upside for a cover shorts buy signal and an outright buy signal is likely today if the indicator crosses the zero line.