Technical Analysis of Financial Markets

Monday, March 19, 2007

Research In Motion Ltd. (RIMM)

Wireless mobile communications solution developer and BlackBerry handset manufacturer, Research In Motion, is possibly forming a bearish Diamond top formation. Confirmation of the pattern occurs on breakout of volume. Price target towards gap support just under $100, some 35% away from current levels.


JakeGint said...

Nice pattern pick up. I note you, like Tim Knight, do not use volume bars in illustrating your charts. Any reason?

Anonymous said...

jakegint, there are times when I've used volume; just keeping it simple lately.

JakeGint said...

Looks like RIMM is cracking here.

I am all about keeping it simple, but volume bars tell me if a move is real or not. Can't live w/out 'em, especially on the long side. Since this is a short, I guess you don't need 'em as much.

I dunno how Blogger expects us to read these "word verifications" anti-spambot things. Geez, this one looks like it's in Cyrillic.

Jason said...

rimm has not cracked YET

Anonymous said...

Yes, it does seem to be holding well so far. Although personally anticipating the downside, breakout of a Diamond formation can occur in either direction. Should see some increased volatility and indication in the run-up towards earnings announcement due 11th April.