Blackberry Is Poised For More Upside
Mike Paulenoff | Nov 17, 2014 11:24PM ET
Last Friday's up-spike propelled BlackBerry Ltd (NASDAQ:BBRY) above its July high at 11.65 to a new 18-month high at 12.54.
However, the new high was short-lived, and turned into a bull-trap high prior to a sharp bout of weakness into today's low at 10.80 (so far).
That said, my intermediate-term pattern work argues strongly that BBRY is in the process of completing a huge 3-year bottom, but already has completed a 1-1/2 year "inside bottom."
As long as 10.00 contains any acute weakness on a closing basis, I am willing to ride BBRY around for a while to "be there" for the anticipated next upleg, that projects to 14.00-15.00 initially, on the way to 18.00/50, thereafter, to complete the larger bottom.
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