Smoking Securities

Half Baked High Finance

Twitter Ticker ($RIMM)

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RIMM090804Research In Motion is getting attention on StockTwits as many technicians are seeing breakouts. On June 19th RIMM was trading at 72.78 when I posted this, “a break below 70.87 may encourage more selling, but trading above the upper Bolllinger in a rising trend calls for buying the dip.”

Looks like things have played out according to plan, and the prognosis remains the same. So long as RIMM can stay in an uptrend above a rising upper Bollinger, this is a good stock to hold. My only cause for concern is the recent secondary downtrend from June to July, which technically made a lower low.

A breach of 62.28 would jeopardize the bullish thesis, but I’m counting on a break of 86.36, despite the downside price target of 54.89. Fundamentals, macroeconomics and valuations be damned, broad market strength continues to carry everything up, so don’t fight the rising tide.

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Written by chucklesamadeus

August 4, 2009 at 10:39 pm

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