Elderly Enthusiasm for BlackBerry

BlackBerry is spiking today, apparently on rumors that the “legendary corporate raider” Carl Icahn has bought a stake in the firm.

Looking at the weekly chart, below, regardless of whether or not the rumor proves true it is interesting to note that the stock is finding support right where bulls needed it to. Note the symmetrical triangle breakout and subsequent check back, or retest, of the breakout point. Indeed, not losing that $15 for more than a quick blip is key to the bull case, since it would have put the breakout thesis in grave danger of being negated or, worse yet, a nasty bull trap.

And whether or not Icahn is truly in the stock heavily is not so much the issue as it is whether the excuse bulls found to support the stock can follow-through in hopes of cementing a case for a major higher low since last fall’s bottom.

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