RIMM Update

RIMM has been a trade on our radar since it was trading below the trading range, it's also done exactly what 3C has implied since it was trading below the trading range. Here's an article to give you an idea of what I expect from RIMM over the intermediate term. Pay attention to the last chart on the bottom for the longer term projection, and yes, I think RIMM has more to go on the upside before the final leg plays out.

 Here's the trading range and even when RIMM was below the range on what looked like the next leg lower, 3C anticipated strength sending RIMM above the trading range.

 This daily chart even shows the 3C positive divergence on the head fake when RIMM dropped below the trading range, it's currently in a leading positive divergence, this s why I think ultimately RIMM can trade up to perhaps the $40 level before it makes it's descent.

 The 10 min chart, much like the market has been showing recent local distribution, implying a pullback.

 The 5 min chart is more detailed and even worse with a leading negative divergence in the red box.

 And the 1 min chart speaks for itself.

Here are several pullback targets, the shallowest would hold support at the top of the range, the second would be to the 50-bar 60 min moving average, the third would be to hold support at the bottom of the range. I don't think RIMM will trade below the range on a pullback.