BlackRock Inc (BLK) on a key support level zone. BlackRock Inc. is the world’s top asset management firm, with around $9.5 trillion in total assets under management. The company is incredibly broad, serving institutional and retail clients and serving as a leading provider of both active and passive investing vehicles. The company reported Q4 2021 results on January 14th, slightly beating expectations for EPS but missing on revenue. This was the 10th consecutive quarter for which BLK exceeded expected EPS. During the Covid-19 crisis, even the Fed trusted BlackRock Inc. to manage its funds. Currently, the shares are trading at 32.3 below the fair value, with forecast to grow 7.82% per year and pay a reliable dividend of 2.78%. The experts' consensus 12-month price forecasts for BlackRock Inc have a median target of 874.00, with a high estimate of 972.00 and a low estimate of 720.00. The median estimate represents a +24.58% increase from the last price of 701.56.
Looking at the technical picture on a weekly chart, the price stop at the key support level of 50% Fibo correction level taken from the lowest price level reached in March 2020 and almost touched the 200-EMA. Looking at our oscillator indicators, we see that the price is in an oversold zone according to RSI and MACD. It is important to notice that if the price closes around that levels this week, it will form convergence.
If the price starts to grow, it is possible for and test to reach 61.8Fibo level around $740.00 per share, and the bulls may decide to take a break after testing that zone, thereby allowing the rate to correct lower. However, if they are willing to recharge, the investors would expect the forthcoming positive wave to overcome the new high at the $973.00 zone.
To start examining the bearish case, the traders would like to see a breakthrough at the key support level around the $663.00.
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