BlackBerry Looks Weak on Weekly ChartBlackberry reported fair to poor earnings on 6/23.
(.05) per share, but reaffirmed guidance on software.
Revenues improved in software, but lower than expected overall.
Company convinced it still needs to make phones, even though they have no traction there currently.
Software and IoT force in the near to intermediate term.
Stock hit resistance and dropped like a sack of bricks.
Bollinger band expanding into negative territory.
Target price close to 8.50, 8.00 in the next three weeks.
I'm long BBRY because it's greatly undervalued on a purely book value basis (cash on hand + patents + software business, etc. = $6B - $8B depending on valuations; current mkt cap $4.7B). While it should improve by about $2.25/share minimum, in the short term, this could drop farther.
