BlackBerry: Wait for Pivot from ~$7.98 Before Deciding
BlackBerry is probably one of the most disappointing stocks of the past 10 years - one that soared to 120+ and fell down below 7.00. Its nice to finally see BlackBerry change their business plan but this came at the expense of extreme bearish sentiment over the last decade.
With the first half-decent earnings report in a long time (a few days ago), BB finally popped a bit, however, I see a re-tracement to about $7.98 which it will likely bounce off this level (trend-line) and continue higher because there is not really any reason for it to plummet right now after decent earnings.
BlackBerry will have to post some impressive year over year numbers (consistently) in order to weed the shorts out and get to at-least the $20 level.
For those looking for an entry, wait to see a reaction off the near $7.98 pivot. If that level holds, it will serve as a good entry.
My Consensus: 'Neutral'; 'Buy' if $7.98 holds
Technicals: Cup formed pre-earnings; possible handle forming to $7.98 level then bullish continuation thereafter
- zSplit
With the first half-decent earnings report in a long time (a few days ago), BB finally popped a bit, however, I see a re-tracement to about $7.98 which it will likely bounce off this level (trend-line) and continue higher because there is not really any reason for it to plummet right now after decent earnings.
BlackBerry will have to post some impressive year over year numbers (consistently) in order to weed the shorts out and get to at-least the $20 level.
For those looking for an entry, wait to see a reaction off the near $7.98 pivot. If that level holds, it will serve as a good entry.
My Consensus: 'Neutral'; 'Buy' if $7.98 holds
Technicals: Cup formed pre-earnings; possible handle forming to $7.98 level then bullish continuation thereafter
- zSplit