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RIMM Trades Down 8%, Tests Support

Posted by Blain Reinkensmeyer
January 9, 2007 at 3:29 pm

Today’s volume is extremely high for shares of Research in Motion (RIMM). The stock has traded down over 11 points today, down about 8% as of 3:26 PM. This chart is a 20 minute delay, and actually the low on the day is $129.79, which means RIMM has already traded down to its 50 Day Moving Average, or 50 DMA. Though unprobable, I would stay away from this stock if it closes under $130. The chart technically setup a double 50 DMA bottom bull flag, but with todays tumble all bets are off. If you are looking to play RIMM, you can buy it around $130 and look for a potential bounce tomorrow, but keep your stop loss tight.