Leading investment management company, BlackRock Inc (BLK), peaked out on November 12th, 2021. At that time, the stock traded as high as $973.16 a share. Since that peak, the financial giant has dropped by $387.00 and currently trades at $587.10 a share. That is about a 40% decline in one of the most popular financial companies on the planet. Unfortunately, the stock should continue to actually move lower before finding a solid near term bottom.
Traders should now watch the $525.00 area as major support. This important support level is where the stock broke out in June 2020. This area will likely be where the institutional money defends this stock. Until this key level is reached traders should be cautious with this falling knife financial stock.
