BX Could Be in a Technical Sweet Spot Atop a Significant Base Pattern
|All of the action off of the Feb 1 high at 31.69 into last Thursday low at 29.83 has the right look of a completed correction, which, if accurate, suggests strongly that The Blackstone Group L.P. (BX) is again poised for upside continuation towards my optimal next upside target off of its 13 month base formation-- into the 34.00 target area.
At this juncture, only a decline that breaks 29.83 and the Nov- Feb up trendline, now at 29.30, will wreck the still-developing larger bullish set-up.
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