In Absence Of A Bogus Takeover Rumor Blackberry Grinds Lower And Lower

em>Joel Elconin is the co-host of

, a daily trading idea radio show.

Blackberry Ltd.

shares are trading lower by $0.30 at $9.50 in Monday's session. A resolution to a dispute with Typo Products LLC. has failed to generate any buying interest in the once high-flying issue. In fact. Blackberry is in the midst of five day losing streak that began on May 22 when it ended the session $10.48. Earlie in the month it spiked to $11.09 on another bogues takeover rumor, this one being attributed to Apple Inc.

. The issue is attempting to maintain a critical support at the $9.50 level, so far reaching $9,47, but has not been able to mount much of a rebound. The reason this area is being deemed as an important support level, is that the issue put in a series of four lows between $9.45 and $9.63 on April 10-14. That area providing a foundation for the rally to $11.09. Since January, Blackberry has been a in a trading range from $8.59 to $11.45, with much of the trading action taking place at the $10 level. The issue has been prone to rally toward the upper end of the range, when the bogus takeover rumors surface and then surrenders its gains when nothing materializes.