Wednesday, December 09, 2009

Day Trade - Research In Motion Limited (USA) (Public, NASDAQ:RIMM)

The first chart is the RIMM daily. From this timeframe we had a mini B&B setting up at $61.50 - $62.00 (red line segment).

RIMM gapped higher on the open, but quickly retraced for a partial gap fill. I entered long on break of R1. I exit on weakness following lower high. Price consolidated in a narrow range midday, eventually carving out another base from which to go long for round two.

The bigger base on the daily is in play as price finally closed above the 50 DMA which was lost on the earnings gap back in Sept.

AGU has been in an uptrend. The midday pullback to the ambush zone was a perfect setup for a retest of the morning highs.

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