Market Correction for Blackberry Shares – July 31, 2014

Market Correction for Blackberry Shares - July 31, 2014

Market Correction for Blackberry Shares - July 31, 2014

After trading at the $11.50/share levels earlier in the month, Blackberry shares have retreated off its highs and is finding support at the $9.50/share area of interest. Technical indicators show that there’s still some buying pressure left, which might pave the way for a larger pullback.

MACD is still moving down and hasn’t quite reached the oversold area yet, which means that sellers are pushing Blackberry shares lower for now. RSI is also reflecting a buildup in selling momentum, which might take the price to $9.00/share or lower.

The 50 simple moving average appears to be the next potential support zone, as it also lines up with another area of interest. Traders could be waiting with their orders in that region and spur a bounce for Blackberry shares.


Blackberry Shares Forecast

A larger correction could take price down to the 200 simple moving average, which has acted as a longer-term dynamic inflection point for price action. Currently, the indicator is hovering below the $8.50/share mark.

Just recently, Blackberry has announced its plans to buy Secusmart, a company which offers high-security voice and data encryption. Prior to this, the company cut a deal with Amazon and Android that allows BlackBerry users to  have access to more than 200,000 Android applications, including thousands of popular apps and games. 

However, investors don’t seem to be too impressed for now as price action is slowly retreating after the recent rallies. Some stock analysts say that the potential Secusmart acquisition would be a vain attempt in staying relevant and would not be enough to keep Blackberry shares supported in the longer-run.

Both companies have confirmed though that Secusuite-enabled Blackberry phones are being used by German Chancellor Angela Merkel as it already meets NATO regulations.

To contact the reporter of the story: Jonathan Millet at

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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.