BB Stock Price Fell 21%; Will BlackBerry Stock Hit New Lows?

BlackBerry Limited BB stock price fell 21% in October eroding a big portion of the market capitalization. It broke down the $4.50 crucial support and began to decline by forming lower lows candles.

BlackBerry stock price is trading below the 50-day and 200-day EMA showcase downtrend. However, the current price looks oversold and EMAs are far away. So a short-term pullback rally may trigger time.

The price pattern of BB stock is highly bearish and the selling volume is on the rise. It indicates that some genuine investors had sold off the shares and exited from the higher levels.

BlackBerry Limited released the previous quarter earnings on September 28, 2023. It reported an EPS of -0.04 and revenue of $132.028 Million. The company beat the EPS estimates by 38.62% but missed the revenue estimates by 1.97%.

However, the BB stock price did not react much and continued the downward momentum. At present, the stock price is near the yearly low and it will be interesting to see how the price reacts in the coming session.

Will BB Stock Price Show a Bounce?

BB stock price is in the correction phase and sellers are continuing their dominance on the higher levels.

Till BlackBerry stock price is trading below $4.50 the bear will remain active. Any short-term move will remain doubtful until buyers can push the price above the $4.50 hurdle.

BB share price had corrected a lot so the downfall might halt for some time and a narrow range consolidation is possible. The technical analysis suggests BB stock price is in the bears’ grip. But a short covering rally might trigger from lower levels to create further shorts.

BlackBerry Stock Price Fell for Four Consecutive Weeks

BlackBerry stock price fell for four consecutive weeks indicating that bears are continuously selling from higher levels.

However, in the previous session, the price showed a minor bounce of 6.92% and formed a small-sized bullish candle. If buyers succeed in giving the follow-up momentum, then a temporary bounce will be visible in the current week.

The MACD curve slopes downward and the histogram bar is red indicating bearishness. On the other hand, the RSI at 31 is reversing upward from the oversold territory indicating that a relief rally may trigger at any time.

Conclusion

BlackBerry Limited BB stock price fell 21% in October and formed a highly bearish pattern. Sellers look active and any short-term bounce may face rejection. The analysis suggests that the BlackBerry stock is in a downtrend so the possibility of hitting new lows is high.

Technical Levels

Resistance levels: $4.50 and $5.00
Support levels: $3.16 and $3.00

Disclaimer

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