Trade Alert Short $RIMM 15 Research in motion is
Post# of 474
Posted On: 12/13/2012 10:14:44 AM
Trade Alert Short $RIMM 15
Research in motion is now up over 100% off of the September lows and is heading into the resistance area which immediately preceded the collapse in this stock. The stock is vertical and very extended from the 20 DMA.
There was a lot of support at around 15 from January of this year before the move down, and as you can see in the chart below, when the stock fell through that level, it retraced to 15, fell to 13, then tried again on another retrace to 15, just clearing 14, before making the move back down.
There is also major resistance at just above 17 so if 15 doesn't hold that's the next area for the short.
[IMG]http://i.imgur.com/0Dbqn.png[/IMG]
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