Breakout soon for Blackberry?

I heard there were some takeover rumors for Blackberry? Who knows how that is going to pan out.

But there is definitely some potential in the price action of the stock.

A year and a half bottom formation is well set. Check this chart school explanation of “ascending triangles”.

The implied measured move if the breakout succeeds on the monthly candle chart is 17.50.

bbry_m

The weekly candle chart shows a smaller “take off” pattern. These patterns that coincide with a larger pattern’s breakout line will give added value to the setup. I believe this gives me a better probability that the implied measured move from the classical chart pattern will be attained.

I have a target at 14.50 for that initial play.

bbry_w

Again, to finish up, lets look at the daily action on a yearly chart.

The daily action is tricky and volatile. Much noise and false breakouts, which can be avoided if waiting for the important monthly close for entry validation.

bbry_d

Check out this previous post on “noise reduction”.

So my alerts are set. I’m waiting for at least a convincing weekly close above 11.70 before entering.

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