Buy BlackBerry Ltd. (NASDAQ:BBRY) Stock On This Breakout
Shares of Waterloo, Canada based BlackBerry (NASDAQ:BBRY) have been in a downtrend for the major part of the last three months. After starting off 2017 with a bang, rising by over 60% in the first 5 months, BlackBerry stock price has dropped back from $11+ levels in May, to its current price of $9.85 a share. However, the trading activity in the last session was noteworthy, with the stock gaining by as much as 7% in a single session, leading to bullish signals on the BlackBerry stock technical chart. But, before we look at the details, what exactly caused this jump in BlackBerry stock price?
The market sent BlackBerry higher following two news reports on Wednesday. The first piece of news focused on the partnership between BlackBerry Ltd. and Fleet Complete, a provider of fleet, asset and mobile workforce management solutions. Given the global presence and scale of Fleet Complete, the integration of BlackBerry Radar was seen as a boost for the Canadian tech giant. Closely following the announcement of the RADAR integration with Fleet Complete, BlackBerry announced a partnership with Delphi Automotive, aimed at developing an operating system for self-driving cars. The recent news reports were seen as positives for the John Chen led-company, which is attempting to emerge as a leading software player in the world of Autonomous driving and IoT.
Coming back to the charts, BlackBerry stock technical chart looks very encouraging. The BBRY stock price rose above the 100-day SMA, forming a bullish crossover. The 20-day SMA is also poised to form a golden crossover with the 50-day SMA, which will be yet another indicator of a rally over the short term. In addition to the encouraging price action, investors should also look at the accompanying volumes. The 7% gain in the last trading session came on the back of 22 million shares changing hands, which was nearly 7 times the average 30-day volume. All in all, the BlackBerry stock looks set for a further rise over the next few trading sessions.
Apple Inc. (NASDAQ:AAPL) Stock Falls Into Oversold Territory
Shares of Apple (NASDAQ:AAPL) have come under pressure over the last few trading sessions, as reports of a tepid response to iPhone 8 have hurt investor sentiment. Apple stock price is down by nearly 3.4% from its September 11th close, a day before the company's latest product launch event. However, the stock could be nearing a bottom, here is why.
Apple stock technical chart shows that the latest pullback has taken Apple stock below the 20-day as well as the 50-day moving average. However, the stock has traded below these key support lines at multiple times in the past one year, only to bounce back from the 100 day SMA, which has been a crucial support level all year long. Hence, investors looking to enter Apple stock should consider buying in at these levels, given the fact that Apple stock has fallen into oversold territory according to major technical indicators: The Bollinger Bands Indicator and the Relative Strength Index (RSI).
Apple stock price is currently below the lower Bollinger band, implying that a rise in the stock price could be around the corner. The RSI currently flashes a reading of 29.5, which is below the threshold of 30 used to identify oversold securities. The combined signals from the 2 indicators imply that Apple stock might well be headed higher over the next few trading sessions.
Wells Fargo & CO (NYSE:WFC) Stock Is Still A Good Buy
As we had covered in our last post under the 'Top Stocks to Buy Today' section, Wells Fargo (NYSE:WFC) is leading the recent rally in the Financials sector. The Wells Fargo stock technical chart flashed yet another bullish signal in the last trading session, which comes on the back of multiple bullish SMA crossovers and a recent bullish MACD crossover. Following the bullish MACD crossover, the MACD indicator flashed a bullish centerline crossover, which saw the MACD line rise above the 0 level. The latest signal is yet another proof that the recent upward momentum in Wells Fargo stock is far from over.
If you're looking for more such technical trading ideas, check out our daily trading ideas section. If you're also looking to discover fundamentally solid tech stocks, you should check out our top stock picks from the tech sector, which have beaten the NASDAQ by over 153%. Interested in automotive stock? Then, we also have our top picks from the auto sector, which have beaten the S&P 500 by over 260%.