Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Good Relative Strength for RIMM


Research in Motion (RIMM) exhibits relative strength today despite overall market weakness. Let's take a fresh look at its big picture chart pattern.

From a relatively near-term pattern perspective, RIMM hurdled key 8-month resistance at 62.70-63.30 in early Feb and followed through to its Feb 18 high at 70.54. Since then, RIMM has pulled back about 8.5% right to the top of the prior resistance plateau -- which is now important and substantial support.

The current pullback should represent a retest of that upside breakout point prior to the emergence of another upleg. RIMM should then head higher to fulfill the upside potential implied by the huge base formation that has developed since Sep 2008.

With such a powerful underlying pattern, it remains to be seen how RIMM behaves amidst otherwise "soft" overall market conditions. So far today, RIMM exhibits impressive relative strength, while both the SPX and NDX continue to weaken off of last week's highs.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!