RIMM Chart Confirms Bearish
The technical facts are now in place, and Research in Motion (RIMM) is officially off the team of potential buyers short term. Check out the gap highlighted by the green box, this gap down day was the nail in the books as the stock closed under all moving averages listed (10 20 and 50 DMAs). I wouldn’t touch this stock with a four foot pole until it can stabilize itself. Looking ahead over the next week or two you may see the stock pull back towards its 50 Day Moving Average, but odds are it will hold up as it is now resistance. I guess Apple’s (AAPL) news was just too much for the stock, and was the tipping point atleast on the technical side.
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