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- 1 BlackBerry stock price slid 3.15% on Monday and closed at $5.22.
- 2 BlackBerry Ltd. (NYSE: BB) has to report quarterly earnings on Thursday, 28 September.
- 3 BB stock price took multiple support from a positive trendline and surged higher.
BlackBerry stock price shows bulls’ strength over the charts as the price has managed to surpass the key exponential moving average of 50-day and 200-day EMA. The daily chart also witnesses the price taking support from a positive trendline support. The price trades in a bullish territory until it maintains itself above the moving average and trendline.
BlackBerry stock price analysis illustrates that it has been showing strength over the charts for the past 3 quarters. The year 2023 turned out to be a positive year for BlackBerry investors as the stock shifted its trend right from the beginning of the year 2023 and yielded a 55.8% year-to-date return to its investors.
The stock price had been on a declining trend after hitting a high of $20 in June 2023. Thereafter, the stock made a breakdown of the 50-day EMA and 200-day EMA. A death crossover was observed on the charts followed by which the price showed a continuous decline reaching a low of $3.17 in December 2022.
Analysts offering a 1-year price forecast for BlackBerry stock have a maximum bullish outlook of more than 126% that could lead the price to a high of $11.80. The analysts have an average outlook of 22.6% and a bearish outlook of 12.70% which could drag the price to a low of $4.56.
BlackBerry stock derivatives’ data analysis states that the current implied volatility in the market is 68.84% with a decrement of 1.12% in the last trading session. The at-the-money strike price of $5 has 10,459 open contracts on the put side and 1,941 open contracts on the call side indicating the complete dominance of the bulls at the CMP.
BlackBerry Stock Price Shows Bulls’ Dominance
Currently, BlackBerry’s stock price is trading at $5.22 and bounced back from the trendline support. The company is yet to announce quarterly results on 28 September. Hence, the price may remain volatile in the short term.
The long-term trend is optimistic which may further add buying volume if the stock price discounts. The price might show dips in the short term and accumulate buyers to resume the long-term trend.
Technical Indicators Show Volatility in the Short-Term
The technical indicators including RSI and MACD opinion rating for the BB stock is an 80% “buy” with an average short-term outlook on maintaining the current trend. Long-term indicators are optimistic and support the continuation of the ongoing trend.
Conclusion
BlackBerry stock price displayed a strong recovery in 2023 after a decline in 2022. The price has broken above the key moving averages and trendline support, indicating a bullish trend. The analysts have a positive outlook for the stock with a maximum target of $11.80.
The price may face volatility in the short term due to the upcoming quarterly results on 28 September. The long-term trend is optimistic and the price may attract more buyers on dips. BlackBerry stock price is currently trading at $5.22.
Technical Levels
- Support levels: $5.05 and $4.57
- Resistance levels: $5.63 and $6.21
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
