2 Reddit Stocks Look Like They Broke Out Of Bullish Patterns

Koss Corp. (NASDAQ:KOSS) and BlackBerry LTD. (NYSE:BB) are two of the Reddit trading crowd's favorite stocks.

The stocks are likely moving as retail traders are attempting to squeeze the stocks upwards.

See Also: GameStop's Stock Is Nearing Resistance In A Pennant Pattern

Koss Corp. Daily Chart Analysis:

• Koss Corp. may have broken out of what technical traders would call a pennant pattern.
• The stock is trading above both the 50-day moving average (green), and the 200-day moving average (blue), indicating the sentiment has been bullish.
• Each of these moving averages may hold as an area of support on the chart.

Key Levels To Watch:

• The pennant pattern may have broken out as the stock crossed above the potential pattern resistance lines. The pattern resistance line was formed by connecting previous highs on the chart.
• The pennant pattern typically sees price get condensed between narrowing highs and lows until the stock breaks out to one side and sees a stronger push in the same direction as the break.
• As the stock may have broken out to the upside, traders would like to see a push higher with some consolidation, and the stock may continue its climb.

BlackBerry Daily Chart Analysis:

• BlackBerry stock looks to have broken out of a falling wedge pattern and could head higher.
• BlackBerry crossed above the 50-day moving average (green) Wednesday, and trades above the 200-day moving average (blue), indicating sentiment in the stock is most likely turning bullish.
• Both of these moving averages may hold as an area of support in the future.

Key Levels To Watch:

• The falling wedge pattern may have broken out when the price crossed above the pattern resistance line.
• Bullish traders would like to see the stock move up and have a period of consolidation before the stock may see an even further push upwards.
• If the price was to fall back below the pattern support line, the stock could see a stronger push downwards following.