Blackberry Inc. (NYSE:BB) shares were trading higher Tuesday as many companies in the broader technology sector rebounded after Monday’s weakness.
President Joe Biden announced additional measures to deal with the COVID-19 omicron variant, which has caused more volatility in markets recently.
Blackberry was up 4.23% at $9.25 at the close.
See Related: BlackBerry Stock Hangs At Support Could Use A Bounce
Blackberry Daily Chart Analysis
- Shares have bounced off pattern support and are pushing higher toward pattern resistance in what traders call a falling wedge pattern.
- The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue). This indicates bearish sentiment, and each of these moving averages may hold as an area of resistance in the future.
- The Relative Strength Index (RSI) has been curling higher and now sits at 46 on the indicator. This shows the stock is seeing more and more buyers and now the buying pressure almost equals the amount of selling pressure the stock has been seeing.
What’s Next For Blackberry?
Blackberry is beginning to curl back higher and bulls are looking to see it cross back above the pattern resistance level to potentially see a strong breakout move. This move could start the beginning of an uptrend for the Blackberry stock. Bears are looking to see the stock fall below the pattern support. This will show the stock is seeing a lot of weakness and likely ready for a further drop.
