BlackBerry Ltd: This Chart Shows More Downside for BBRY Stock

BlackBerry Ltd: This Chart Shows More Downside for BBRY Stock

BBRY stock: Any Hope for the Bulls?

I find it hard to describe the performance of BlackBerry Ltd (NASDAQ:BBRY) stock in just one word.

BBRY stock peaked in June 2013, tagging a high price of $148.13 per share. However, currently, BlackBerry shares are trading at $7.66. This represents a loss of 94.8% for BBRY stock. A complete and utter disaster, share price has been completely decimated.

At one point, BlackBerry actually dominated the market. The company’s handset was a symbol of social status. Everyone who was anyone had.

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During the week of August 17, 2009, BBRY stock confirmed a death cross—a bearish signal that appeared on this chart when the 50-week moving average (MA) crossed below the 200-week MA. Traders use this signal to confirm a bear market is on the horizon. In its typical form, traders looking for a death cross would use a chart showing daily intervals, but a weekly scale is also a good measure of the long-term trend.

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Following the signal, BBRY stock proceeded to fall from $77.00 to the current price of $7.66, a 90% loss. Using the death cross as a signal to step aside would have helped in preserving one’s wealth.

The bad news for the bullish camp is that the death cross remains in full force. The moving averages began to converge in 2015, but nothing came of it.

The trend on the BBRY stock chart is from the upper left to the lower right. Lower lows and lower highs dominate the landscape. This is clearly a downtrend.

The post BlackBerry Ltd: This Chart Shows More Downside for BBRY Stock appeared first on Profit Confidential.

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