Blackberry Stock: BB beats EPS by 198%; Will the price shoot up?

• Blackberry Stock Price (NYSE: BB) up 13% in Pre-Market session.
• BB Stock Price sustains above the 200 day EMA might display a golden crossover.
• Blackberry Ltd beats EPS estimate by 198.89% and revenue estimates 133%

Blackberry Stock Price (NYSE: BB) is up 13% in Pre-Market session indicates that a gap up open is possible. BB Stock holds the $5.00 support and seems to be preparing for the massive breakout. 

Blackberry Stock sustains above the 50 and 200 day EMA shows that price has reversed in the upward direction. It might display a golden crossover which will boost the confidence of long term investors. 

From the past few months, BB Stock Price is consolidating in the narrow range between $5.00 to $5.50. Finally, after the release of quarterly earnings the signs of upward range expansion are visible. 

Blackberry Stock formed a double bottom pattern and buyers succeeded to hold the prices above the neckline. It shows that bulls are active at support levels and any short term downmove will be easily absorbed. 

BB Stock Price formed a strong base near $4.70 and it will act  as a strong support in the coming month. Therefore, the possibility of downside risk is limited till prices respect the base. Blackberry Stock Price closed the previous session at $5.01 with an intraday decline of -0.79%. 

Will Blackberry Stock rally to 52 week high

Blackberry Stock Price is already in the recovery mode and the quarterly earnings will fuel the further rally. The next phase of rally in the BB stock is about to begin if buyers are able to hold the price above $5.50 support. 

Blackberry Limited released the quarterly earrings on 28 June 2023. It reported an EPS of $0.059 and revenue of $364.346 Million. Whereas, the estimates are -$0.059 and $156.348 Million respectively. 

Blackberry Stock beats the EPS by $198.89% and revenue by $133.04%. The stock price is likely to react positively in the regular trading session but we may also see minor profiting booking. 

The technical analysis suggests, BB Stock Price is in bullish momentum and preparing to hit a fresh 52 week high.

Will short sellers close the position in BB Stock?

BB Stock Price formed a bullish reversal pattern on the weekly time frame. The opening tick will be above the higher range which might force the short sellers to close the position. If the short covering triggers then prices might rally to $7.00 in the coming month. 

The MACD curve is reversing upward and might display a positive crossover. It indicates bullishness and strength of the bulls. The RSI at 49 sloping sideways denotes neutral territory and balance between bullish and bearish positions.

Conclusion 

Blackberry Stock Price (NYSE: BB) is expected to open gap up due to the surprise quarterly earnings. 

BB Stock Price formed a strong base near $4.60 So, any if the profit booking triggers then it will be easily absorbed by the buyers. Therefore, BB Stock is bullish and a fresh 52 week high is possible. 

Technical levels

Resistance levels: $6.22 and $7.20

Support levels: $4.70 and $4.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.