April 13, 2011

RIMM slips below 200 DMA

  • RIMM Daily has slipped below 200 day moving average. Price has not moved away too much from 200 DMA. Chance of a bounce is seen in the weekly chart.
  • Price is testing the 61.8% Fib level in weekly chart. If weekly candle confirms a reversal candle on Friday we may see buying coming back to RIMM. 
  • One has to wait till the weekend to confirm a reversal candle, Because if 61.8% Fib level breaks then more downside is possible.

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