Often, uber-active names have some sort of a technical or fundamental catalyst driving investors' attention on shares. That's especially true now that earnings season is officially underway. And when there's a big catalyst, there's often a trading opportunity.
Without further ado, heres a look at today's stocks.
BlackBerryNearest Resistance: $10
Nearest Support: $9
Catalyst: Third Point Position BlackBerry (BBRY) is suffering a high-volume hangover this afternoon, correcting from the rally shares got earlier this week that Daniel Loeb's Third Point hedge fund had acquired a 2% stake in the cellphone maker. Today's price action is a good indication that you don't want to own this stock, no matter the high-profile shareholders who own it beside you. That's because BBRY is currently forming a descending triangle pattern, a bearish setup that's formed by a downtrending resistance level to the upside and horizontal support below shares at $9. A move though $9 is the sell signal. Momentum broke in BBRY back in January. If buyers can't make a stand by holding shares above $9, the next-closest support level is $5.50.
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