BlackBerry Ltd. (NYSE: BB) shares are trading higher Wednesday after the company announced the availability of a QNX Hypervisor and VIRTIO-based reference design to virtualize Android Automotive OS on the 3rd generation Snapdragon Automotive Cockpit platform.
BlackBerry was up 5% at $9.80 at publication time.
BlackBerry Daily Chart Analysis
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The stock looks to be forming a bottom and possibly getting ready to form into what technical traders call a cup pattern.
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The $9 price level is an area where the stock has found support near multiple times in the past. If this area can continue to hold as support, the stock may start to form into the cup pattern.
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The stock is trading below both the 50-day moving average (green) and the 200-day moving average (blue) Tuesday, indicating the sentiment in the stock is likely bearish.
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Each of these moving averages may hold as a potential area of resistance in the future.
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The Relative Strength Index (RSI) has been climbing the past couple of days and now sits at 49. This shows the stock has seen an increase of buyers in the past few days and buying pressure now almost equals the selling pressure.
Related: Why BlackBerry Shares Are Rising
What’s Next For BlackBerry?
Bullish traders would like to see BlackBerry continue to hold and eventually start making a push higher. If the stock began to form into a cup pattern, it may be able to see highs near its previous highs.
Bears want to see BlackBerry drop below the possible base that’s forming. This could signal the stock isn’t ready for a push higher.
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