The BlackBerry Breakout BBRY August 1

Aug 1, 2016: 1:04 PM CST

BlackBerry shares (BBRY) broke free of daily and weekly resistance, triggering a new bullish phase.

Let’s pinpoint the key levels, note the new “Open Air,” and compare notes on where price goes from here.

We’ll begin with the big Weekly Breakout today:

After a series of positive divergences, price reversed once again off the $6.50 per share level and finally broke through the upper target at $7.50 (the falling 50 week EMA).

As long as price remains above the $7.50 pivot, shares have an “Open Air” bullish pathway higher.

The first target is the $8.00 to $8.50 level which is the prior high from March 2016.

Above that, we can see the additional upswing toward the $9.50 level – it’s the confluence of the 200 week SMA and prior December 2015 high.

Here’s the pathway – and trade ideas – as seen on the Daily Chart:

We can also pinpoint the positive momentum divergences on the Daily Chart ahead of the July reversal.

Price surged from beneath $6.50 per share to the current play toward $8.00.

For low-priced stocks, that’s a big movement with potentially more upside action to come.

We’ll focus our attention on $7.50 and as long as price remains above this pivot, we’re likely to see movement toward $8.50 and eventually toward higher weekly chart targets.

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Corey Rosenbloom, CMT

Afraid to Trade.com

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1 Comment

One Response to “The BlackBerry Breakout BBRY August 1”

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