BlackBerry's Stock Makes a Strong Comeback
Global and US markets witnessed a significant surge in BlackBerry shares, with the stock rising by more than 13% on Monday.
This comes after the company's shift from manufacturing phones to specializing in software.
According to reports, the company's software is now integrated into the automotive industry, powering over 270 million vehicles. Its software provides warnings for blind spots, collisions, and other safety features.
The company's market capitalization now exceeds $3 billion, with half of its profits derived from its automotive software.
Technical Outlook for the Stock
BlackBerry's stock is currently trading near $7.36, having rebounded from a strong support level.
Based on recent price action, we may see the company's stock continue its upward trend towards the $7.80 level.
If the stock closes below the 6.70 level, we may see a drop and a visit to the previously breached resistance levels near $6.10, and from there we may see a return to the upward trend again if any buying signals appear.
