I had been holding BBRY as part of the John Chen fan club and little more. His goal is a turnaround of the hand held device dinosaur into a security software focused company, hopefully with some better device traction as well.
When the stock burst upward one day in October I held on. When it dropped hard the very next day I held on. Then when it burst upward in early November I said ‘what the heck?’ and sold it, hoping for a pullback.
Now it is coming back down to a clear support area that contains the EMA and SMA 50’s and the 20 day mid-Bollinger band point.
The weekly chart shows the test of support and a reasonable upside resistance target beginning at 9. MACD is triggered up and RSI is on a steady trend up toward 50 and above its weekly EMA 20. Also, this is a ‘tax loss’ candidate for players who trade that phenomenon. BBRY has served up over a 30% loss to the faithful in 2015.
Buy Target: 7 to 7.50
Sell Target: 9 (and if the company makes good on its turnaround, who knows?).
Stop Loss: Below 7 to suit risk tolerance.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the buy, sell, stop parameters are already noted. They are meant as a starting point for further research if interested. I will not personally buy every item highlighted and will sometimes sell – without prior notice (because this takes time and resource away from NFTRH’s main functions) – any item that I do buy, below target, which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
