I’m no fan of Blackberry (BBRY) in general, in fact the only trade I made in the stock was late last year as a short position which made me a nice profit.
However, there may be a bounce opportunity worth taking, especially for those who still believe that this market isn’t, at least temporarily, in trouble.
It is doubtful that I’ll make a play for this stock, however, I do love how it sets up.
The risk on the BBRY trade is ideal when compared to the potential reward that could be made on the stock. You have a nice hammer at the lows that were established today and if you can get in as close as possible to $9.70 with a stop below the lows today at $9.48, then you’ll find yourself only risking 2% or so while setting your self up for a potential run back towards $11.00. That’s like a 6-to-1 reward-to-risk play.
Here’s the Blackberry trade setup:
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