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Blackberry: 20% Profit Potential

Published 12/19/2015, 12:08 PM
Updated 07/09/2023, 06:32 AM

BlackBerry Ltd (O:BBRY): Despite the market selloff on Friday, the stock closed the week above the 200-day EMA on higher-than-average volume, after the company reported a smaller quarterly loss of just three cents on revenues of $557M in its fiscal third quarter. The break of this resistance 19 months ago (June 2014) triggered a strong bullish signal and generated a massive move upward. A clear break and consistent movement above the Friday's high of 9.09 next week, could trigger further bullish pressure testing the 10/10.5 area. From a technical standpoint, daily indicators are in bullish zones. The MACD is moving above its signal line in positive territory and the RSI indicator is moving above its 50% level. Slow stochastic is also rising above its 50% level. All short/medium EMAs are rising and the stock is now above all major EMAs. Long setup.
Blackberry Daily Technical Chart

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