BlackBerry soars as the stock is the new favourite of the Reddit traders

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