BlackBerry (BB.US) shares are soaring more than 15% today as the stock is said to be the new favourite among Reddit traders. According to Benzinga, BlackBerry is now the second-most cited stock on Reddit’s WallStreetBets page over the past 24 hours - behind AMC and ahead of GameStop. Bloomberg reports that about 10% of all conversations on Reddit about the security-software provider are hopes for a short squeeze on BlackBerry. The short interest of the stock totals 9% of its shares, compared with 21% for both AMC and GameStop.
Shares have already gained roughly 65% since mid-May and the daily chart looks pretty similar to other “meme stocks”. One could notice the BlackBerry’s shares spiked in January, reaching an intraday high of $28.63. It is notable that the price has managed to break above two important levels in recent days: $9.67 (a major resistance based on previous price action) and $12.10 (another key resistance). Meanwhile, an upward move seems to be accelerating during today’s US session.
Source: xStation5
Daily summary: U.S. indices rise as the dollar softens ahead of the Thanksgiving holiday 🗽
SanDisk will join the S&P 500 index📈
US Open: Nasdaq under pressure from Nvidia and AMD 📌Alphabet shares at all-time high
Nvidia shares decline 4% as Meta Platforms shifts to Google AI chips 📉