BX Could Be in a Technical Sweet Spot Atop a Significant Base Pattern

Mike Paulenoff MPtrader

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.

Author

Mike Paulenoff

MPtrader

Michael Paulenoff has been a student of and a participant in the world financial markets for the past 26 years, since his graduation from the Georgetown University School of Foreign Service in 1979.

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