Chart Analysis » RIMM http://chart-analysis.com/stocks-etfs Trend Analysis for Stocks and ETFs Mon, 10 May 2010 13:35:39 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 RIMM Chart, Trading Channel Bound – April 2, 2009 http://chart-analysis.com/stocks-etfs/2009/04/02/rimm-chart-trading-channel-bound-april-2-2009/ http://chart-analysis.com/stocks-etfs/2009/04/02/rimm-chart-trading-channel-bound-april-2-2009/#comments Thu, 02 Apr 2009 12:05:25 +0000 Alex F http://chart-analysis.com/stocks-etfs/?p=85 I charted the daily price action for Research in Motion Ltd (RIMM) for the past two months ending April 1, 2009.

  • RIMM hit resistance today on a trend line of  lower highs that started after it gapped down a month and a half ago
  • Support for RIMM could be just a little lower at the longer horizontal line I drew or even above there where it found support yesterday at the trend line of higher lows
  • The two trend lines from the first two bullets are coming to a point soon meaning one side is going to break and likely in a decent sized move that is worth trading after a second day confirmation of the break maybe
  • RIMM closed below its 10 day moving average yesterday, opened up below it and then rallied above it
  • RIMM found resistance at its 50 day moving average which met with the trend line in bullet one – it broke above briefly, but closed just below
  • RIMM’s 20 day moving average is moving up and could provide support along with the trend line in bullet two

Opinion – Watch RIMM until you see which way it breaks to from its two longest trend lines collide.  If that break holds for two closes, it could have legs.

2009-04-02_rimm-chart

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