- BB one of the meme stocks for 2021 is back.
- Gamestop rally helps other meme stocks higher.
- Blackberry shares up again in Thursday pre-market.
Just when you thought it was safe to come back out, the trend of 2021 comes back for a sequel. Gamestop 2.0 was released on trading screens across the world on Wednesday and the sequel proved every bit as compelling as the original. Meme stocks joined the ride and Blackberry didn't want to be seen to be missing out. Shares in BB closed at $11.32 up nearly 9%. Gamestop as usual had to be the headline grabber and closed for a gain of over 100%!
The trend continues in Thursday's pre-market with Gamestop up 58% while BB plays a supporting role for a gain of 6%. Both shares will surely pick up nods at the end-of-season awards galas for best newcomer and most exciting performance!!
BB Stock forecast
Forecast you say well of course that should be easy! Actually no, but let us look at what is happening and see if we can go from there. So Gamestop appears to once again have caught the attention of retail traders. Last weekend it was one of the most discussed stocks on the /wallstreetbets site with traders urging to "do it again". News on Tuesday that Gamestop CFO was to step down further added to retail trader's bullishness. Traders are looking at the big picture amid hopes Ryan Cohen can do for Gamestop what he did for Chewy.
So on Wednesday Gamestop took off again as broader markets decided it was risk back on. Other meme stocks also had positive news flow which helped the meme sector. AMC shares rallied as New York had announced earlier that it was to partially reopen cinemas.
Many regulators and lawmakers must have been watching development thinking oh no not again and CNBC's Jim Crammer tweeted "We need fair, deep markets. We want investing, good investing and we want to trust prices. What happened at the end of the day was a mockery of what is supposed to happen. Where is the government?"
Berkshire Hathaway Vice President and long-time Warren Buffet business associate Charlie Munger said before the rally started on Wednesday “That’s the kind of thing that can happen when you get a whole lot of people who are using liquid stock markets to gamble the way they would in betting on racehorses. And that’s what we have going in the stock market.” He was apparently referring to the original Gamestop rally in January!
BB Technical analysis
Tuesdays long-tail green candle gave the first clues that the bears may be losing power. This was followed up with Wednesday's strong rebuttal to the downside for most broader indices and BB gave a nice bullish engulfing candle on Wednesday as did S&P. From here resistance at $12.20 is where BB shares are currently in Thursdays pre-market. Above that, a take back of the 21 day moving average and then the $14.35 high from Feb 8 give us our immediate resistance levels.
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