Don't Ignore This Chart!

BlackBerry Cracks A Major Down Trend Line (BBRY)

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Blackberry (BBRY) has been the most unloved tech stock in a cradle of optimism. After living in a massive downtrend for the last 7 years, Blackberry started to perk up recently. While there have been a few bear market bounces for Blackberry, this looks different this time. The SCTR shows a ranking above 90% which is very strong. The big 5-year downtrend line has been broken. The 4-year trendline that is much shallower in red has not been broken yet. 

The volume has broken the down sloping trend line. The volume candle last week was one of the best of the year. The MACD is making higher lows on each of the lows and this looks pretty nice. If the market can hold up, this looks like a nice base to build from.

Good trading,
Greg Schnell, CMT

 

Announcement from the Author

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Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).

Greg is also the co-author of Stock Charts for Dummies (Wiley, 2018). Greg joined StockCharts.com in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician, Commodities Countdown and Don't Ignore This Chart blogs. Learn More
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