Blackberry Shares to Test Range Support?

Blackberry Shares to Test Range Support?

Blackberry Shares to Test Range Support?

Blackberry shares have been consolidating so far, although there seems to be a bit of volatility left for this stock. Price is treading above the 50 simple moving average on its daily time frame, as the short-term SMA is still safely above the 200 SMA and indicating a potential bounce.

MACD is also moving up, confirming that buyers are still in control. Meanwhile, RSI is pointing down, which suggests that there is still a possibility for a move lower. In that case, price could test support at the 50 SMA, which is around the $10.50/share level at the moment. A deeper selloff could last until the 200 SMA near the $10/share level.

Blackberry Shares Forecast

A breakout from the current consolidation on Blackberry shares could provide more clues on the longer-term direction of the stock. As you can see, price appears to have formed a symmetrical triangle pattern and could be in for stronger momentum once a breakout takes place.

Risk sentiment could play a role in determining where prices could go, as US equities have been reacting to latest reports from the US economy. Last week, Fed head Yellen decided to downplay the optimistic forecasts for the economy and for monetary policy tightening, forcing stocks to return some of their recent gains.

However, data from the economy shows consistent improvements, keeping companies and equities supported. The upcoming NFP release could shed more light on the US economic performance as another strong reading could spark risk appetite and demand for higher-yielding equities, including Blackberry shares.

On the other hand, weak US jobs figures could lead to more losses for most equities, as this would suggest that the recovery is losing momentum. This could lead to weaker spending and business investment, which might put downside pressure on equities for the next few months.

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Jonathan Millet is currently the proud CEO of, the brand new financial news portal which is making waves among Forex traders around the globe for the innumerable Forex resources it offers. He also holds the position of Binary Options Consultant at Before was around, Jonathan was a successful Forex dealer and chief market analyst at Forexyard. He has also worked as a Forex trader. His other specialties include advising financial companies of how to stay head of the competition.