4 Trade Ideas for BlackRock: Bonus Idea

• Posted by Greg Harmon
• on April 3rd, 2023

Here is your Bonus Idea with links to the full Top Ten:

BlackRock, $BLK, comes into the week at resistance and just under the 200 day SMA. It has a RSI rising over the midline with the MACD crossed up but still negative. There is resistance at 669.50 and 674 then 688 and 700 before 711 and 729. Support lower comes at 650 and 642.50. Short interest is low at 1.8%. The stock pays a dividend with an annual yield of 2.99% and has traded ex-dividend since March 6th.

The company is expected to report earnings next on April 14th. The April 14 Expiry options chain shows very light volume and an expected price range of about 630 to 700 at expiry. The April monthly chain shows biggest open interest at the 640 put and the 690 and 700 call strikes. The May chain shows light volume on the put side and biggest open interest at the 720 call strike.

BlackRock, Ticker: $BLK

Trade Idea 1: Buy the stock on a move over 670 with a stop at 650.

Trade Idea 2: Buy the stock on a move over 670 and add an April 14 Expiry 667.50/640 Put Spread ($11) while selling the May 710 Call ($11).

Trade Idea 3: Buy the April 14 Expiry/May 700 Call Calendar ($13) and sell the May 620 Put ($11).

Trade Idea 4: Buy the May 620/670/700 Call Spread Risk Reversal ($3).

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After reviewing over 1,000 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which with the first Quarter of 2023 in the books, saw equity markets showed strength as they closed out with a strong move to the upside.

Elsewhere look for Gold to continue its consolidation in the uptrend while Crude Oil continues a short term move higher. The US Dollar Index continues to move to the downside while US Treasuries consolidate after the long move lower. The Shanghai Composite looks to continue in consolidation while Emerging Markets join in with their own consolidation.

The Volatility Index looks to remain in the normal range and stable making the path easier for equity markets to the upside. Their charts are mixed, with the SPY and QQQ looking strong on both the short and long timeframe. The IWM however remains in consolidation. Use this information as you prepare for the coming week and trad’em well.

If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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