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BlackBerry Ltd. (NYSE:BB) is trading higher Wednesday, likely moving on continued momentum after the stock saw a large move Tuesday. The stock was trending on social media websites Wednesday morning.
BlackBerry's stock was up 1.35% at $11.25 at last check.
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BlackBerry Daily Chart Analysis
- BlackBerry looks to have found a base and has started to push higher, possibly beginning to form what technical traders call a cup pattern.
- The stock trades above both the 50-day moving average (green), and the 200-day moving average (blue), indicating recent sentiment has been bullish.
- These moving averages may both hold as an area of support in the future.
- The stock looks to have found a base near the $9.50 level and was able to hold this as support. If the stock can begin to form higher lows, it may start an uptrend.
- The Relative Strength Index (RSI) moved higher the past couple of days and now sits at 60. This shows there has been an increase in the amount of buyers in the stock.
What’s Next For BlackBerry?
Bullish traders are hoping to see higher lows begin to form. If higher lows begin to form, the stock may start uptrending and move higher throughout the coming weeks.
Bearish traders would like to see the stock begin to fall and drop back below the $9.50 level. This could cause the stock to see a possible further push. Bears also want to see the stock drop below the moving averages for a possible change in sentiment.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.