BlackBerry Limited Stock Forecast
BlackBerry Limited stock price up 3.21% on Tuesday
(Updated on Apr 23, 2024)
The BlackBerry Limited stock price gained 3.21% on the last trading day (Tuesday, 23rd Apr 2024), rising from $2.80 to $2.89. During the last trading day the stock fluctuated 5.82% from a day low at $2.75 to a day high of $2.91. The price has risen in 5 of the last 10 days but is still down by -6.77% for this period. Volume fell on the last day by -3 million shares and in total, 4 million shares were bought and sold for approximately $10.16 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect BlackBerry Limited stock with a 90% probability to be traded between $2.54 and $3.26 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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BB Signals & Forecast
The BlackBerry Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $2.78 and $2.82. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, April 11, 2024, and so far it has fallen -9.40%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for BlackBerry Limited stock
BlackBerry Limited finds support from accumulated volume at $2.85 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.160 between high and low, or 5.82%. For the last week, the stock has had daily average volatility of 4.77%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BB) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect BlackBerry Limited to open at $2.85, and during the day (based on 14 day Average True Range), to move between $2.73 and $3.05, which gives a possible trading interval of +/-$0.162 (+/-5.60%) up or down from last closing price. If BlackBerry Limited takes out the full calculated possible swing range there will be an estimated 11.20% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2.93 (1.38%) than the support at $2.85 (1.38%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is BlackBerry Limited stock A Buy?
BlackBerry Limited holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -1.648 Sell Candidate Unchanged
Predicted Opening Price for BlackBerry Limited of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $2.85 ( 1.38%) | $2.89 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BB
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.01 | 4.15 % | |
| R2 | 2.95 | 2.04 % | ||
| R1 | 2.91 | 0.731 % | ||
| Current price: | 2.89 | |||
| Support | S1 | 2.79 | -3.50 % | |
| S2 | 2.75 | -4.81 % | ||
| S3 | 2.69 | -6.92 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.10 | 7.27 % | |
| R2 | 2.98 | 3.11 % | ||
| R1 | 2.93 | 1.38 % | ||
| Current price | 2.89 | |||
| Support | S1 | 2.85 | -1.38% | |
| S2 | 2.78 | -3.81% | ||
| S3 | 2.76 | -4.50% |
FAQ
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