BlackBerry: A Potential Bounce Candidate
António Costa | Nov 06, 2016 11:28AM ET
Put BlackBerry Ltd (NASDAQ:BBRY) on your radar next week as a possible bounce play. The 14-day RSI hit again oversold levels that have historically acted as good buying opportunities, as you can see on the chart above. The stock just had a major pullback since earnings, forming a falling wedge pattern on daily, which is considered to have a bullish bias, suggesting a potential trend reversal. However, be noted that this bullish pattern is not confirmed until the upper resistance level of the wedge is decisively broken. Therefore, if the history repeats itself once again, we could see a strong bounce higher.
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