Guerilla Stock Trading detected dark pool activity in Blackrock $BLK stock on August 14, 2022. The dark pool prints were posted around the end of July 2022.
Dark Pool Activity In Blackrock $BLK
The price action in $BLK stock following the dark pool prints on July 14, 2022, and July 20, 2022, suggests that the dark pool activity was buying. It appears that whale investors began buying Blackrock $BLK stock at the end of July 2022 in anticipation of the passing of the Inflation Reduction Act of 2022.
Make sure to review this lesson on dark pool trading so that you understand the chart above.
Deutsche Bank Maintains Buy on BlackRock, Raises Price Target to $860
On August 14, 2022, Deutsche Bank analyst Brian Bedell maintains BlackRock (NYSE:BLK) with a Buy and raises the price target from $720 to $860. Bedell raised some macro assumptions in his models and revised EPS estimates and price targets among his Brokers, Asset Managers and Exchanges coverage, noting a mostly upward bias given the equity market rebound in Q3 so far and relatively good fundamentals evidenced in Q2.
Ratings on Blackrock stock have become more bullish over the last couple of weeks, heading into Congress passing the Inflation Reduction Act of 2022.
Inflation Reduction Act of 2022
On August 12, 2022, the House passed the Inflation Reduction Act along party lines. The House voted 220-207, with no Republicans joining Democrats in supporting the act. The bill now heads to Biden’s desk where it is expected to be signed into law next week.
The Inflation Reduction Act was originally called the Build Back Better plan. By cutting some of the spending and changing the title, democrats were able to get the bill passed mostly without republican support.
The Inflation Reduction Act is the largest investment in climate in the nation’s history.
The 10-year, $739 billion package, reinstates a tax on the oil industry to help pay for the transition into green energy. It also adds 87,000 IRS workers to help process a lengthy backlog of audits.
The Inflation Reduction Act direct billions of dollars towards green energy initiatives. That includes a 30% tax credit for building or repairing renewable energy plants, tax credits on green energy generation, and production-related credits for manufacturers of solar and wind power equipment and accessories. The Inflation Reduction Act will allocate a $7,500 consumer income tax credit for the purchase of a new electric vehicle, as well as a $4,000 tax credit for the purchase of a used EV, in its bid for a cleaner environment.
Blackrock $BLK Chart
Blackrock stock is ripping hard to the upside after forming a multiple bottom. They key resistance level traders are watching is $790.