BlackBerry Share Price Could Drop Below $7 If the Descending Triangle Gives Way
The BlackBerry share price continues on a downward trend, despite gaining 0.86% on the day. This gain is more of a pullback following a slight breach of the descending triangle’s lower border.
A group of seven analysts have labelled the stock as “underperforming”, with a price target of 8.26 after some insiders sold their holdings last week. President and Operating Officer of BlackBerry Thomas Eacobacci sold 171,300 shares on October 6. While this did not cause major volatility in the price, it did not boost investor confidence in the struggling stock.
The BlackBerry share price continues to experience low-volume trading as of writing.
BlackBerry Share Price Outlook
The price looks set to break down the lower edge of the triangle. This move completes the pattern and clears the pathway for a measured move towards 6.54. The 7.81 support could impede the attainment of the completion point and will need to be taken out by the bears.
On the flip side, the bearish outlook is only negated if there is a bounce on the 9.47 support line, which is strong enough to break past 10.84. This move would take out the triangle’s upper border and invalidate the pattern. Once 10.84 gives way, 11.91 and 13.42 become additional targets to the north.