2 Reddit Stocks Look Like They Broke Out Of Bullish Patterns

Koss Corp. KOSS and BlackBerry LTD. BB are two of the Reddit trading crowd's favorite stocks.

The stocks are likely moving as retail traders are attempting to squeeze the stocks upwards.

See Also: GameStop's Stock Is Nearing Resistance In A Pennant Pattern

Koss Corp. Daily Chart Analysis:

• Koss Corp. may have broken out of what technical traders would call a pennant pattern.
• The stock is trading above both the 50-day moving average (green), and the 200-day moving average (blue), indicating the sentiment has been bullish.
• Each of these moving averages may hold as an area of support on the chart.

Key Levels To Watch:

• The pennant pattern may have broken out as the stock crossed above the potential pattern resistance lines. The pattern resistance line was formed by connecting previous highs on the chart.
• The pennant pattern typically sees price get condensed between narrowing highs and lows until the stock breaks out to one side and sees a stronger push in the same direction as the break.
• As the stock may have broken out to the upside, traders would like to see a push higher with some consolidation, and the stock may continue its climb.

BlackBerry Daily Chart Analysis:

• BlackBerry stock looks to have broken out of a falling wedge pattern and could head higher.
• BlackBerry crossed above the 50-day moving average (green) Wednesday, and trades above the 200-day moving average (blue), indicating sentiment in the stock is most likely turning bullish.
• Both of these moving averages may hold as an area of support in the future.

Key Levels To Watch:

• The falling wedge pattern may have broken out when the price crossed above the pattern resistance line.
• Bullish traders would like to see the stock move up and have a period of consolidation before the stock may see an even further push upwards.
• If the price was to fall back below the pattern support line, the stock could see a stronger push downwards following.