Blackstone May Be Squeezing Toward a Breakout
Private-equity giant Blackstone Group has squeezed into a tight range for the last month, but now it may be attempting a breakout.
This chart shows the descending trend line on BX that began on December 23. BX closed above it yesterday for the first time, which could potentially draw interest.
Next, the stock tried to sell off early this year. It bottomed around $61.27 on January 6. This was almost exactly its close last February 21 (immediately before the pandemic hammered markets). BX quickly recovered, a sign of buyers defending that level.
Third, Bollinger Band Width has narrowed to the tightest range in over four months. Are prices getting ready to expand again?
Finally, this volatility compression is occurring at the same zone where BX peaked 11 months ago. The result could be a breakout to new highs if the stock remains above its 8- and 21-day exponential moving averages.
There could also be catalysts soon with earnings due on January 28 and its Bumble dating app reportedly going public next month.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
This chart shows the descending trend line on BX that began on December 23. BX closed above it yesterday for the first time, which could potentially draw interest.
Next, the stock tried to sell off early this year. It bottomed around $61.27 on January 6. This was almost exactly its close last February 21 (immediately before the pandemic hammered markets). BX quickly recovered, a sign of buyers defending that level.
Third, Bollinger Band Width has narrowed to the tightest range in over four months. Are prices getting ready to expand again?
Finally, this volatility compression is occurring at the same zone where BX peaked 11 months ago. The result could be a breakout to new highs if the stock remains above its 8- and 21-day exponential moving averages.
There could also be catalysts soon with earnings due on January 28 and its Bumble dating app reportedly going public next month.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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