BlackBerry In Midst Of 5-Day Losing Streak

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

BlackBerry Ltd (NASDAQ: BBRY) shares were trading lower by $0.30 (3 percent) at $9.50 in Monday's session. A resolution to a dispute with Typo Products LLC. has failed to generate any buying interest in the once high-flying issue.

BlackBerry is in the midst of five-session losing streak that began on May 22 when it ended the day at $10.48. Earlier in the month, it spiked to $11.09 on another bogus takeover rumor.

Related Link: Every BlackBerry M&A Rumor That Turned Out To Be False

The issue is attempting to maintain a critical support level at the $9.50 level, so far reaching $9.47, but has not been able to mount much of a rebound. The reason this area is being deemed as an important support level is that the issue put in a series of four lows between $9.45 and $9.63 on April 10-14. That area is providing a foundation for the rally to $11.09.

Since January, BlackBerry has been in a trading range from $8.59 to $11.45, with much of the trading action taking place at the $10 level.

The issue has been prone to rally toward the upper end of the range, when takeover rumors surface and then surrenders its gains when nothing materializes.