Monday, October 15, 2007

Nasdaq, SPY and RIMM Charts setting up for a move higher.

And the daily charts have tagged the 20 Day Moving average to boot and further gives this pattern reenforcement.


Glenn said...

Just looking at RIMM, you say higher, is it because it may bounce at the gap support?

I see weak knees on Thu, tried to get up Fri, knees were shaky again Mon and formed a reverse Cup and Handle. I say short the sucker break 108.50 to 107, 107 to 101.

Time Is Money said...

Hello glen.
I would be very cautious trying to short RIMM. The pattern i am looking at isn't the most compelling but if my analysis on the indices is correct then i think RIMM will mirror the Nasdaq action. Rimm is approaching some significant areas where buyers would be highly interested. If your scenario did unfold, then i'd watch the 20 day moving average very closely as i am very sure we'll see aggressive buyer come in there. good trading!

Glenn said...

ok thanks! I appreciate the view.

Blog Archive