Watch for a bump after earnings. This stock has been beaten down with the rest of the market over the past few weeks. It is heavily oversold. Neutral or a beat on earnings will push this back up to at-least the 50 MA. Its not about phones any more. This company has been focusing on IoT and cybersecurity and is well placed for the long term.
BB trade ideas
BlackBerry going back to $9.50? BB is evolving in a parallel channel. We failed to break out of the upper limit even after a positive $0.15/share surprise on EPS and an increase of 126% in net income compared to last year's report. However, the announced high revenues coming from their new activities take longer than expected to yield a profit. That is why I believe market sentiment will not get substantially better in the short run. However, in the long run, BlakcBerry might perform well within the software and automated car industry.
$BB WeeklyFrom lows of 6.23 back in June '16 ... BB has run 133% ... topping out at 14.55 in Jan '18. Since then it has been in consolidation mode and constructing a bullish falling wedge and retraced all the way to .618 on the Fib. This is a bullish consolidation imo for the start of a new uptrend in this name.
Blackberry may be heading lowerBlackberrys current earnings report sent it free falling based on lowered guidance. It currently broke through the $10 support level and the next support level is around $8.50 or so. The RSI is in oversold territory and going back to 2014 on the daily, the RSI tends to bounce at 20 flat. I believe 8.50 would be a great buying opportunity.