Blackstone Could Be BouncingPrivate-equity firm Blackstone pulled back in early 2024 after rallying in November and December. Now it could be bouncing.
The first pattern on today’s chart is the price zone around $116 where BX peaked in mid-September and early December. It marked the approximate low last week. Has old resistance has become new support?
The 50-day simple moving average (SMA) is in the same area. That represents potential confluence and confirmation of a bullish intermediate-term trend.
Next, you have the weekly close of $119.34 on January 12. The stock reclaimed that level on Monday and has remained there since.
Stochastics are rebounding from an oversold level, as well.
Additionally, BX’s fundamentals may interest traders after earnings beat estimates and inflows increased.
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