Blackberry reported a surprise earnings beat this morning, and the stock is higher by about 2% as I write this.
However, when looking at the updated chart below, price is still in somewhat of a holding pattern at a critical juncture. In order to cement or add credence to the idea of a major, multi-year bearish to bullish reversal for the artist formerly known as Research in Motion, we would need to see a meaningful higher low put in here. $18 needs to be breached and left behind by buyers in order for that to happen. On the other side of the coin, holding $13 is almost assuredly a necessary level of support buyers must defend, if tested.
Earnings came and went, but the stock is still working through a major battleground.
See Also: Listen to Research in Motion’s Dying Declaration and No More Shining Shoes for BlackBerry Longs
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haha, 8AM, not 8 PM, I didn’t mean to hold through earnings, but it worked out anyway. Locked in gains.
Ha, well done!