Trading Idea - #BlackRockMy trading idea for BlackRock Inc. - SHORT / SELL
Target: 593.00 USD (approx. 14% profit potential)
Blackrock is under pressure. The US state of Missouri is withdrawing money from Blackrock from its pension funds. State Treasurer Scott Fitzpatrick accuses Blackrock of focusing too much on environmental, social and governance (ESG) criteria at the cost of the return. In fact, $500 million were at stake.
The world's largest asset manager is also affected by the stock market turbulence. The assets under management are sinking, profits are falling. Blackrock reacts promptly and declares a hiring freeze. Only particularly important positions will be occupied.
Chart: The great hope in the second quarter was in the support forming around the USD 580.00 mark. The July impulse was only of short duration and the price fell below the 580 line. There is currently no other support in sight, so further falling prices are to be expected. The 580 USD mark could become a resistance line in the short term.
