Repair Rally for RIMM
Mid-Day Minute for Wed November 4th 2009
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
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My medium-term pattern work from the June and Sept highs into last week’s low, as well as my momentum work, are telling me that Research in Motion (NASDAQ: RIMM) has completed a major correction and has turned to the upside to begin a potent “repair” rally period. Let’s notice that the initial rally from 54.30 to 60.57 came to a screeching halt right beneath the Sep-Nov down trendline. After the current pullback runs its course, into the 58.00-57.00 area, the next upleg should hurdle the trendline on the way to 65.00-67.00 thereafter.
