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- 1 BlackBerry Ltd. BB stock price surged 18% in the last session.
- 2 BB stock price (NYSE: BB) climbed above the 50-day and 200-day EMA.
- 3 BlackBerry stock breakout of the $5.00 hurdle.
BlackBerry Ltd. BB stock price jumped 18% in a single day and formed a giant bullish candle. The buying volume rose as well which further boosted the confidence of the investors.
BB stock price managed to climb above the 50-day and 200-day EMA. It showcases the initial signs of a bullish trend reversal and buyers seem to be returning back to track.
BlackBerry stock price defends $4.28 support and takes a sharp U-turn. It indicates responsive buyers are active at lower levels. If broader market sentiment trades with a bullish bias, then BB stock may be positively impacted.
BlackBerry Ltd. (NYSE: BB) released the previous quarter earnings on June 28, 2023. It beats the EPS estimates by 196.18% and revenue estimates by 132.77%.
BB shares reacted positively and shot up 7.00% approx. It hit a swing high at $5.73 but buyers failed to hold the higher levels. Later, prices reverted down and dropped below the $5.00 which invites further decline.
The downfall in the BlackBerry stock prices halted near $4.28 and began to recover. BB shares closed the previous session at $5.23 with an intraday rise of 18.06%. The market capitalization stands at 3.06 Billion.
Will BlackBerry Ltd. Stock (NYSE: BB) Be Able to Hold $5?
BlackBerry Ltd, BB stock price is in the recovery phase and breaks out of the $5.00 hurdle. The breakout looks reliable but it will be interesting to whether BB shares are able to sustain the $5 or not.
Till BlackBerry stock holds the 50-day EMA the prices are expected to remain in bulls grip. Moreover, the next phase of the rally will trigger when buyers are able to break the $5.73 hurdle.
On the other hand, if the BB shares face rejection and drop below the 50-day EMA. Then, the recent upmove will be considered a trap.
BB Stock Price Formed Bullish Reversal Pattern
BB stock price engulfs the losses of the past 6 weeks and regains the 5.00 mark. It formed a bullish reversal pattern on daily and weekly time frames.
The confirmation of a trend reversal in the BlackBerry stock will come when prices hold the $5 level in the coming weeks.
The MACD curve in BB shares generated a fresh positive crossover and the histogram bar is green. It shows share prices might continue to trade with a mild bullish bias. The RSI at 65 slopes upward denotes the strength of bulls and more upside is possible.
Conclusion
BlackBerry Ltd., BB stock price jumped 18% in a single day and created hope for the investors.
Till BlackBerry stock (NYSE: BB) sustains above the 50-day EMA, the share prices might rally to $5.73. However, if the prices drop below the 50-day EMA, then the recent rally will be considered a bull trap.
Technical Levels
- Resistance Levels: $5.73 and $6.42
- Support Levels: $4.28 and $3.43
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
