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This shocking tech stock is one of the year's best performers

Talking Numbers
This shocking tech stock is one of the year's best performers

BlackBerry shares are up 22% so far this year. According to Andrew Left's Citron Research, it may be headed a lot higher. But, are they right?

After being left for dead, BlackBerry is up 22% so far this year.

You read that correctly. BlackBerry is rallying strong. And, according to one famed short-seller and one technical strategist, there may be more to come.

Andrew Left's Citron Research, known for their bold short calls, think BlackBerry is actually undervalued and is really worth $15 (for a .pdf file of their full research report, titled "BlackBerry: Why the Shorts and Analysts Have it Wrong", click here).

The gist of Citron's argument is that BlackBerry is just about leaving the device business and is instead going to focus on the software side.  

"The new strategy – eliminating device inventory risks and refocusing on enterprise software business – has already significantly de-risked Blackberry’s balance sheet. Street estimates of its cash position outlook in the future largely portray the company stabilizing its cash flow within the next few quarters. RBC, for example, sees Blackberry stabilizing its cash position in the 3rd quarter of fiscal 2015, which is three quarters from now. While investors are bombarded on a daily basis with media articles about the struggling handset maker as if the Company was going to fall apart any day, the reality is it has a healthy balance sheet, with ample liquidity to execute its turnaround strategy and make the necessary investments for growth."

(Watch: Taking on BlackBerry: The mobile that promises privacy)

According to Steven Pytlar, Chief Equity Strategist at Prime Executions, the charts on BlackBerry have been showing potential strength for about a month.

"There are a couple of things to note about the BlackBerry chart," says Pytlar. "I do have to say they're very positive."

On CNBC's Street Signs' Talking Numbers segment, Pytlar points out two points on the BlackBerry's chart of the last six months that he believes show significant moments.

Pytlar's first point is at the start of November 2013, when BlackBerry's stock dropped from $7.77 to $6.50 after terms with Fairfax Financial were announced.

"That's a big dislocation," says Pytlar. "Everyone went to sell at the same time; everyone got out."

(See: CNBC's Mobile coverage)

Then, from November 5 until December 19, the stock traded more or less between $6 and $7. That changed on December 20, notes Pytlar.

"Good news comes out," says Pytlar, referring to the day BlackBerry released its fiscal third quarter's financial results. "Everyone goes to buy at the same time."

That makes Pytlar believe the shares may go up from here.

"Technically speaking, this is a very strong reversal pattern and the stock could certainly head higher," says Pytlar. "I don't know about $15 based on that chart but definitely about $11.50."

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