Despite suffering heavy losses in yesterday’s session, the Blackberry stock price ended the volatile trading week higher by +37.64%.
When volatility disappears from one market, it often pops up somewhere else. Most asset classes have been tranquil recently. Even cryptocurrencies have calmed down since May’s madness.
It seems the volatility returned home to meme-stocks.
Blackberry (NASD: BB) has bounced back to life in the last 2 weeks. At its $20.17 high on Thursday, it had gained more than +130% over 10 days of trading.
However, the Blackberry stock price failed to hold onto the gains, dropping -30% to finish the week at $13.86.
The 4-day week saw a huge surge in trading volumes—the second-highest of all time, behind the last week of January. Over 1.144 billion shares changed hands. Without the holiday, it would have likely surpassed January’s 1.268 billion.
Honestly, given the recent volatility, it would be irresponsible to predict what happens next.
The turnaround in the latter half of the week may well have signaled the top of the recent rally. However, there’s also a possibility the Blackberry stock price continues higher next week.
A move above last week’s high of $20.17 could see the price extend to January’s multi-year high at $28.77.
However, a close below $8.00 could push the price lower still and target the $4.00-$5.00 range.
Either or indeed, neither of those outcomes is equally possible given the current conditions.
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