After its earnings, RIMM gap down and yesterday, it continue its downward move.
From the chart, RIMM reminds me of Nokia (NOK)
When Nokia miss its earnings, it gap down from $14 to $12 and steadily goes down to $8.
Having said that, if you look at the article from BusinessInsider on RIMM roadmap, do you see anything that excites you?
Personally, I do not find anything exciting for RIMM for the year ahead.
The only information that I am waiting is on their plans for the acquisition of QNX.
The stock did not manage to hold the line and continue its way down.
Reviewing the Ichimoku chart for Nokia now, reminds me of a simple rule :
1. Have the trend turns?
2. What are the confirmation signs?
As we can see, the Kijun sen (trendline) on the chart have hold Nokia down throughout since it breakdown.
It continues to be down to $8.50 from $12 since I last reported. If I have a position and did not get out, I would have been down another $3+ per share.
A simple reminder : It is just easier to trade with the trend backing you.
Goldman price rises as high as 140.15 yesterday on news that their hearing will be extended to July 19; the original date fo r the hearing was supposed to be yesterday (June 21).
However, the price reverse and close off on the low at 137. Volume is also very low for the day.
GS price is unlikely to go up much until the hearing is completed.
If the reversal plays out, we should have a target of $131 (it’s recent low). Any more bad news (eg. more lawsuits) may see it break the recent low.
Likewise, a confirmed settlement with SEC can revive its price movement upwards.
