JTPro

BBRY will break resistance

BATS:BBRY   BLACKBERRY LTD
179 0 2
In the next week or two, I believe BBRY             will break resistance and start to move up to higher price levels.

I would like to reiterate that my analysis focuses on the movement of volume , as it's been shown in the past that volume drives price. Hence, paying close attention to volume can provide leading indicators of where prices may be heading.

Based on the MFI (14), you can see that at the end of January, the stock was extremely overbought where MFI hit over the 80 mark. From there on, volume began to churn at the $9 to $10 price range. Afterward, MFI bounced off the bottom 20 mark and started to make it's way back up. Hence, BBRY             has recently completed a full MFI cycle and I believe is now ready to make another big upward move in stock price.

OBV and Accum/Dist charts have remain fairly flat, this indicates steady accumulation of stock at current prices.

In my technical opinion, these chart scenarios provides an almost perfect setup for the next breakout of beyond $10.
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