Are the Bears Taking Control over BlackRock?

Published on Friday, 27 January 2012 04:30 Written by Christopher Lynn

New York, January 27th (TradersHuddle.com) - Shares of BlackRock, Inc. (NYSE:BLK) ended the trading session lower by $0.38 or -0.2% from its previous close. BlackRock's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

BlackRock, Inc. (NYSE:BLK) provides diversified investment management services to institutional clients and to retail investors through various investment products. The Company offers the BlackRock Funds and Blackrock Liquidity Funds, and also provides risk management services to fixed income institutional investors.

BlackRock's current stock range is defined by calculated support defined at $180.83 and by the resistance level at $190.40, which should be used by traders planning their trades.

Traders wanting to establish a position in BlackRock stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current BlackRock shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: