Sunday, December 02, 2007

RIMM Analysis for 12.02.2007

Monthly chart shows profit-taking during the month of November. No confirmed sell signal as of yet off this timeframe.

Weekly chart shows short term uptrend broken. Last move up was made with divergence in momentum indicator. Last week's trading action produced a doji.

Daily chart shows an ugly bearish engulfing candle -- eager buyers gapped up the price at the open where they were met with immediate selling. The selling continued to the close, taking back the gains made the prior 3 trading days. The selling started after price made a .618 fib retrace of the last move down. Look for continued weakness the coming week.

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