BlackBerry’s (BBRY) been down and out for years as traders focus on hotter names like Tesla (TSLA) and Nvidia (NVDA).
But the technical picture is starting to look very good and traders should be on alert for a rebound.
Here’s what I’ve been telling Redler All-Access readers:
The micro BBRY charts shows $11.50 as resistance. This is actually multi-year resistance (which you can see on the macro chart below). Some say that with AOL IM shutting down, this has much more value. But we’ll see. Use $10.90 as a stop if you are active.
Getting above $11.50 and holding could get it going again.
Now let’s take a look at our SPX and QQQ charts:
SPX futures are down 3-4 handles and we’ll see if another flag-type pattern develops. For the active composure to change, it needs a hard break and close below 2540. 2555 is new pivot resistance. Most are using SPY as a hedge now after such a big run to help stay in a portfolio approach. There has been lots of nice rotation and setups every few days.
QQQ played some catch-up last week as it cleared $146.59. As long as it stays above it, active bulls are in control. It’s a little testy.