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ThecoinrepublicMarketBlackBerry Stock Price Prediction: BB to Escape...
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BlackBerry Stock Price Prediction: BB to Escape Declining Pattern?

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  • BlackBerry stock price has been on a roller-coaster ride.
  • BlackBerry share price increased 0.81% during Friday’s trading session with an opening price of $3.66 and a closing price of $3.72.
  • BlackBerry share price is trading below the 20, 50, 100, and 200-Day EMAs.

BlackBerry stock price was at $3.72 with an increase of 0.81% in Friday’s trading session. The trading volume remained below average in Friday’s trading session. The formation of the small-bodied bullish candlestick with no upper and lower shadows in the last trading session shows that neither the bulls, nor the bears dominated the market.

Source: Tradingview

The small-bodied bullish candlestick with no upper or lower shadows suggests that the price of the open and close are equal to the high and low prices during the session. This type of candlestick is indicative of a bullish trend as the candle is found in an uptrend. The short body of the candlestick indicates that the open and close prices of the BlackBerry stock were quite close to one another.

BlackBerry stock price after marking its new 52-week high in November 2021 has been in a descending wedge pattern. The BlackBerry stock price tried to break out of the declining pattern twice, but got rejected by the sellers. This shows that the upper trendline of the descending wedge trend is acting as a major resistance for the stock as can be seen on the daily time frame chart. It also acts as a distribution phase as whenever the stock reaches the upper trendline of the declining pattern sellers push back the stock causing it to go into a downtrend.

If the BlackBerry stock price breaks out of the declining wedge pattern from above then it may start its uptrend and reach its previous glory. But for this to happen, buyers will need to come to the rescue of the stock and help it to break out from its descending wedge pattern.

More About BlackBerry Ltd (NYSE: BB):

BlackBerry Limited is a global provider of intelligent security software and services to government and enterprise clients. The company is organized into three segments: Cybersecurity, IoT, Licensing, and Others. Its cybersecurity solutions include Cylance AI and machine learning-based offerings such as BlackBerry Protect, an EPP and MTD solution, BlackBerry Optics, an EDR solution for preventing malicious activity, BlackBerry Guard, a managed detection and response solution, BlackBerry Gateway, an AI-empowered ZTNA solution, and BlackBerry Persona, a UEBA solution for real-time user identity validation. BlackBerry Limited has been based in Waterloo, Canada since its establishment in 1984.

BlackBerry Ltd (NYSE: BB) Stock Price Technical Analysis:

Source: Tradingview

According to technical indicators, BlackBerry stock price may show an upward movement. RSI is increasing in the oversold zone and is showing a positive crossover which indicates that the buyers are accumulating and pushing BB upwards. 

Essentially, the present bullish influence is strong. The current value of RSI is 44.07 which is above the average RSI value of 41.91. The MACD and the signal line are on the rise and presenting a possibility of a  positive crossover over the daily chart which supports the RSI claims.

Summary

During Friday’s trading session, the BlackBerry stock price rose by 0.81% to reach $3.72. Although the trading volume was lower than usual, it is worth noting that the stock has been following a descending wedge pattern since reaching its 52-week high in November 2021. The candlestick for Friday’s trading session had a short body, suggesting that the opening and closing prices were similar. Technical analysis indicates that the RSI is increasing in the oversold zone and the MACD has shown a positive crossover, indicating strength in the current bullish phase.

Technical Levels

Resistance Levels: $3.91 and $4.79

Support Levels: $3.24 and $2.51

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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