Trendline support still intact as uptrend continues, but MACD now negative. Early signs?

Trendline support seems intact for BlackRock’s stock, for now, the volatility compared to the rest of the market has been less damaging for its investors. The shares are trading at around $855.35 on the US open with the stock attempting to recover some of the recent losses. However, there are some key factors that need to be taken into consideration over the next couple of weeks. The stock seems to have found some near-term support around $813.80, a fall below here is likely to see a pullback towards the trendline support around $800-$805. Only then should concerns arise amongst investors and traders with further support levels between $750-$780. Towards the upside, a break above this year’s high of $884.42 could reignite more optimism for investors who haven’t seen fresh highs since November 2021. Now is the time to monitor the technical indicators closely as even though the RSI and the share price are following the same pattern, the MACD has crossed below its signal line. This is a warning that the risk of more downside is now heightened.