RIMM is one of the stocks we have seen something bullish developing in since before earning, I put out a long Call trade on the positive signal which I assumed was earnings related, they took about a -9% hit on earnings but the strong positive signal stayed in place, so the position was left open and closed last week at somewhere around a 30% gain.
Then they had their management shakeup this week, which apparently was not enough of a shakeup and a signal was sent to RIMM by the way of lower prices, however, the charts suggest that there's still some belief in RIMM as they introduce their new OS this year.
The X-over system's long signal and RIMM's pullback.
On a swing basis, the pivot low was put in at the white arrow, the long signal was on a break above Wednesday's highs at the green arrow.
Several short term charts show accumulation of RIMM's pullback as seen above
As well as this 5 min chart which show the original accumulation as well as confirmation of the uptrend in green.
The 15 min chart put in a sharp leading positive divergence yesterday of all days.
On a swing basis, I'd consider Wednesday's lows(just below) as a stop. On a position trade, the Trend Channel right now is in the same area, but it will keep locking in gains, email me for updated stops.
No comments:
Post a Comment