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- BB stock price fell by 12% on a weekly basis ahead of its quarterly earnings report scheduled for March 30.
- Blackberry stock price (NYSE: BB) may retest 52-week low if company fails to meet the analysts’ estimates.
- BB share price is trading below the 50 and 200 day EMA indicating a downtrend.
BB stock price recorded a 12% fall since the previous week and slipped below the important support level of $4.00. Blackberry stock (NYSE: BB) is down by 42% on a yearly basis and is trading below the 200 day EMA which clearly indicates that there is a downtrend. At the beginning of January, BB share price took a U-turn from the 52 week low at $3.17 and gained some positive momentum. Later, BB stock price managed to climb above the 50 day EMA which created a hope for short term bullish trend reversal.
Blackberry stock price (NYSE: BB) failed to give the follow up momentum and faced strong resistance at $4.79. Essentially, the bears are still active at the higher levels. Moreover, in February 2023 BB stock formed a bearish rejection candle from the supply zone and the price was reversed in the downward direction. The bearish market sentiment looming in the past two days affected BB share price negatively. The bears succeeded in dragging the price below the 50 day EMA. Selling volume increased which indicating that the short term traders are booking profits ahead of the earnings report.
Will BB Stock Witness a Relief Rally from 52 Week Low?
Data from TradingView shows that BB stock price (NYSE: BB) has not performed well in the past five years.
The MACD for BB stock generated a negative crossover indicating bearishness to continue for some more time. The Relative Strength Index at 38 sloping downward denotes prices might soon enter into the oversold zone.
Blackberry (NYSE: BB) – Analyst Estimates
Blackberry Stock (NYSE: BB) is set to release its February 2023 quarterly results. Many analysts estimated Feb 2023 quarter Earnings Per Share (EPS) to remain negative at -$0.077 and pegged revenue at around $153.698 million. Therefore, if the company meets analysts’ estimates then a pullback rally might be seen in upcoming weeks. Otherwise, BB stock price may continue to display a downtrend.
Conclusion
BB stock price fell by 12% since last week and is down by 42% on a year-on-year basis explaining the downtrend in the stock. BlackBerry (NYSE: BB) will announce its quarterly earnings on 30 March 2023. Many analysts believe that Blackberry will meet the estimates and might lead to a relief rally from the lower levels. However, technical analysis suggests that the BB stock price is still a bearish grip and the probability of a big turnaround remains low.
Technical levels
Resistance levels : $4.00 and $4.80
Support levels : $3.17 and $3.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
