The daily price action looks to me to be in a well defined rising channel going back to mid January. I believe that most long swing traders who know what they are doing would be buying around support (lower trend line) and selling at resistance (upper trend line). The rising MACD histo has been suggesting the momentum has been building to the upside - the Stoch is suggesting a strong oversold condition and showing signs of a bullish reversal. Regardless of the outcome, the signs at this point suggest that the risk is pointing to the upside not vice-versa despite the selling which kicked in following the somewhat euphoric opening.
Daily May 9th
BLK Price at posting:
7.8¢ Sentiment: None Disclosure: Not Held
