BBRY Stock Price News
(NASDAQ:BBRY) stock is up over 16% on the news that the company won an arbitration settlement against QUALCOMM, Inc. (NASDAQ:QCOM) worth $819.7 million." width="300" height="200" srcset="https://i2.wp.com/investorsbuz.com/wp-content/uploads/2017/04/BBRy-stock-300x200-Small.jpg?resize=300%2C200 300w, https://i2.wp.com/investorsbuz.com/wp-content/uploads/2017/04/BBRy-stock-300x200-Small.jpg?w=720 720w" sizes="(max-width: 300px) 100vw, 300px" />
BUZ INVESTORS Higher Blackberry Stock Prices BlackBerry Ltd (NASDAQ:BBRY) stock is up over 16% on the news that the company won an arbitration settlement against QUALCOMM, Inc. (NASDAQ:QCOM) worth $819.7 million. This is a significant sum for BlackBerry; it represents more than half of the revenue that BlackBerry was able to generate in 2016. This news may have come as a surprise, but the subsequent news about higher BBRY stock prices were not.
My earlier article, “Reversal Pattern Implies Higher Blackberry Stock Prices,” published on April 6, 2017, outlined that there were technical developments on the company’s price chart that served to suggest that higher BlackBerry share prices were on the horizon.
On March 31, BlackBerry broke out of this symmetrical triangle, and this feat is highlighted on the price chart above as a “breakout.” Because this symmetrical triangle was resolved in an upward bias after a prolonged bear market, this pattern is can also be referred to as an “ending triangle.” A completed ending triangle indicates that the bearish trend toward lower prices has finally concluded, and that a higher stock price can now be expected to follow.
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Higher Blackberry Stock Prices
Breakaway gaps rarely get filled, and almost always indicate that a new trend is in development. In the days following the breakout that was created by the better-than-expected earnings report, the breakaway gap has been tested on numerous occasions. The opening gap-up price at $7.53 is the level of support that is highlighted on the chart above.
From April 4 onward, BBRY shares drifted lower in an orderly manner. This orderly decline is easily defined by using a trend line. Using this trend line as a tool is as easy as it was to create. As long as BlackBerry shares remain below this trend line, the bearish trend toward lower prices remains intact.
bullish on the prospects of BlackBerry stock, and I have reason to believe that the downtrend line that began in 2008 is the next logical objective for BBRY stock. This bullish view was generated after a completed technical price pattern suggested that a bottom had been formed. I will continue to hold a bullish view on BlackBerry shares until there are indications on the price chart that another view is warranted.