I googled "reddit" and in a fraction of a second I found 625 million citations this Thursday morning. Pretty amazing for a company that started in 2005 according to my Google search. I understand that BlackBerry Ltd. (BB) has been "touted" by the "reddit crowd" so let's venture a look at the BB charts.
In the daily bar chart of BB, below, we can see that the shares made a "line formation" from May until late November. Many will associate the term line formation with a formation in warfare. According to the writings of Charles Henry Dow it was a very narrow trading range. Upside breakouts were bullish and downside breakouts were bearish. Things were pretty simple back in 1900.
BB broke out on the upside and quickly doubled in price. Trading volume surged. The On-Balance-Volume (OBV) line was flat but surged sharply higher and then moved sideways as the interest in the stock seemed to dry up. The new year brought another surge in trading and prices spiked to $28 before quickly retreating.
Trading volume has diminished since late January but the OBV line only shows a slight drift lower. This could be the scaling or it tells us that buyers have stayed with their positions. The Moving Average Convergence Divergence (MACD) oscillator quickly went from bullish to bearish.