BBRY Poised for More Upside

Last Friday's up-spike propelled BlackBerry Limited (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.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!