AhilanThurairajah
Long

BBRY is still bulish

NASDAQ:BBRY   BLACKBERRY LTD
135 0 1
With last Friday’s (Mar-28-2014) sell off, breaking the support at $8.81 (38.2% Fibonacci retracement ), most would have sold their bullish position. I also went to close my position as it has hit my stop loss target.

Just before closing, when I looked at the momentum, I found something fishy. Momentum is diverging. For a sudden drop like this that is unusual. Looking further, I think we are in the process of completing wave 2 retracement. Probably we may have already completed.

The Friday’s low of $8.21 is just 4 cents higher than the 50% Fibonacci retracement at $8.17.

As indicated by my dark blue line, stock had previous support at $8.23.

Also it just touched the bottom downtrend channel (highlighted in orange).

If I am correct, Monday price should go up. If it can go above $9.56, we are in wave 3 uptrend.
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