RIMM was yet again rejected from $62 on Friday's open. It hasn't completely ruined the pennant pattern formed, but it seams to lean more bearish here:Perhaps it's just bear-trap selling before earnings? (announced Thursday 4 EST).
Watching RIMM closely. Has formed a pennant just under a congestion band (between $62 & 63). A measured move out of this pennant could end up filling the empty air left from the gap back in May.It has gotten some momentum pushes out of $62 in the past that were quickly sold. More recently it seems to be comfortably basing around that same number.
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at email@example.com
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