Here is the summary of moving average crossovers. BlackBerry Ltd stock closed below the 100-day moving average. Allergan stock is testing the 50-day SMA. ZIOPHARM Oncology stock has made a bullish crossover. If you want to see the complete set of technical trading ideas for today check out here.
BlackBerry Ltd (NASDAQ:BBRY) breaches 100-day moving average support line.
Shares of BlackBerry Ltd (NASDAQ:BBRY) were down by more than 3% yesterday after Goldman Sachs initiated their coverage on BlackBerry with a 'sell' rating with a price target of $8.5 per share. Goldman's price target is 6.5% below yesterday's close. The firm was skeptical of BlackBerry's auto business, noting that "with the auto business trading at an implied 13-17X revenue, and unlikely to ramp meaningfully until 2019, we think fundamentals will be the primary driver of the stock over the next 12 months." BlackBerry is heavily relying on its auto business to successfully execute its turnaround. The company has signed deals with the likes of Ford to supply infotainment solutions.
With yesterday's fall, BlackBerry stock is now firmly below the 100-day moving average line. After rallying by more than 65% since March, shares of Canadian software maker are beginning to trend lower. BlackBerry stock is down almost 20% since June first. The stock had breached its key support levels from 20-day and 50-day moving averages. Over the past one week, the stock had been testing the 100-day moving average support line. The stock managed to close below the 100-day moving average line on Friday.
Allergan plc Ordinary Shares (AGN) testing 50-day moving average.
Shares of Dublin based specialty pharmaceutical company Allergan (NYSE:AGN) are currently testing the 50-day moving average support line. While Allergan shares closed below the 50-day moving average, the crossover was accompanied by a lower volume indicating the stock could bounce back from the support level.
ZIOPHARM Oncology Inc makes a bullish crossover.
In a bullish move, shares of Boston based biotechnology company ZIOPHARM Oncology (NASDAQ:ZIOP) closed above their 20-day and 50-day moving average resistance line for the first time since mid-May. As you can see from the ZIOPHARM Oncology Inc technical chart, 50-day moving average has been acting as a strong resistance to ZIOPHARM stock. ZIOPHARM stock had failed to breach the resistance line on at least two occasions in the last three months. However, after yesterday's breach, the stock is likely headed higher. ZIOPHARM stock will face next resistance from 100-day moving average at $6.35 level.
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