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Is BX Preparing For an Upside Thrust?


For days, I have been watching the pullback in The Blackstone Group L.P. (BX), looking for weakness to retest its Jan 3 upside breakout above 29.50 after an initial thrust to 31.15.

My optimal pullback target zone was 29.20-28.30.

Yesterday, BX pressed to 28.98, and has since turned up to 29.60, which has the right look of the start of a new upleg effort in the aftermath of a 7% correction off of the 31.16 prior rally peak.

Let's also notice that the weakness was contained right at the up-sloping 20-Day MA, now at 29.09, and prices have turned up from there, which is very constructive price action.

If indeed, BX has turned up into a new upleg, then significant strength should be forthcoming in the hours directly ahead-- that points to 32.00-33.00 next.

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