BlackRock, Inc. (BLK) - December 19, 2023

At SIA Charts, we compare head-to-head battles of thousands of stocks, commodities, mutual funds and exchange traded funds daily and rank them by who is winning the most in their respective universes. The top 25% are considered the Green Favored Zone, 26-50% make up the Yellow Neutral Zone and the bottom half of each league table is considered the Red Unfavored Zone. With equity markets on the rebound and financial services companies attracting renewed interest, asset manager Blackrock (BLK) has been steadily marching back up the rankings in the SIA S&P 100 Index Report since the end of October. Over the last six weeks, BLK has snapped a downtrend, climbed up out of the red zone and has returned to the Green Favored Zone for the first time since February. In the last month, Blackrock has moved up 29 spots to 25th place. BlackRock (BLK) shares spent most of the last two years trading range bound between $550.00 and $750.00. At the end of October, a dip below $620.00 was quickly stopped and then erased, establishing a higher low. Since then, the shares have launched upwards on increasing volumes, a sign of renewed accumulation and have moved back above their 10-week and 40-week moving averages. Last week, BlackRock broke out over $760.00 on a spike in volume, signaling the start of a new uptrend, and completing a bullish Ascending Triangle base. Initial upside resistance appears at the late 2021 peak near $920.00, followed by $970.00 based on a measured move. Initial support appears near $760.00 based on a retest of the recent breakout point.

A 2022 downtrend in BlackRock (BLK) shares was finally contained in October of that year by support at a long-term 45-degree uptrend support line. Following an initial rebound into the end of 2022, BLK has spend most of 2023 trending sideways. In November, the shares completed a bullish Bear Trap turnaround where they broke down by two rows, then reversed sharply upward. Since then they have not looked back, climbing from below $600.00 to above $800.00 without even a 3-box correction. The recent breakout over $755.00 completed a rare, bullish Spread Quadruple Top pattern, signaling the start of a new uptrend which continues with the shares currently trading at their highest level in two years. Blackrock still has some ways to climb to its late 2021 peak near $920.00 which appears as initial resistance followed by the $995.00 to $1,015 area where two horizontal counts cluster around the $1,000 round number. Initial support appears in the $740.00 to $755.00 area where a retest of the most recent breakout point and a 3-box reversal converge. With a perfect SMAX score (which is a near-term 1 to 90-day indicator comparing an asset against different equal-weight asset classes) of 10 out of 10, BLK is exhibiting short-term strength across the asset classes.