• Chart of the Day: Research In Motion (BBRY)

    by  • March 6, 2013 11:48 am • Charts to Watch, Quick Hits, Tony Venosa's Chart of the Day • 0 Comments

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    Today’s chart is of Research In Motion (BBRY) which designs, manufactures, and markets wireless solutions worldwide. It provides platforms and solutions, including email, voice, instant messaging, short message service, Internet and Intranet-based browsing, and multimedia content through developing integrated hardware, software, and services.

    Ticker:  Research In Motion (BBRY)

    Strategy:  Long Trade

    What I Am Looking At:

    • Outperformance on a year-to-date basis, +12 percent
    • Tentative mid-March launch of new Blackberry Z10 phone in United States
    • Current 50 percent Fibonacci retracement (from September low to January high) coincides slightly above the 0 percent year-to-date level and the rising 80-day moving average which could all be supportive
    • Also, huge put open interest for 3/8 and 3/15 expirations reside at the 13-strike price, could add to the support case
    • Tightening Bollinger Bands could portend an imminent move
    • Short-term, targeting the January high which coincides with triple the 52-week low
    • Long-term: round number target could be $20 level
    • High short interest (28 percent of the float) could be a tailwind for shares on potential short-covering
    • 27 out of 31 analysts rate the shares a “hold” or worse, potential for future upgrades

    Strategy:  Buy on rebound from 80-day moving average, targeting January high

     

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    About

    Tony Venosa, CMT is a Senior Options Strategist and works on the trading desk at Schaeffer’s Investment Research. He joined Schaeffer’s in 2010. He has worked in the finance industry for over 15 years. He began his career as a trading assistant in Chicago on the floor of the Chicago Mercantile Exchange. He later moved upstairs and worked as a commodities broker on both the retail and hedging side. He left the brokerage industry to begin his trading career as a proprietary equities trader at a Chicago firm. In 2000, Tony moved backed to his hometown and continued trading his personal account. He later went on to earn his Chartered Market Technician designation. He earned a B.S. in Finance from Miami University. Tony’s main focus is short-term directional option trading.

    http://www.schaeffersresearch.com/

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