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PALM : Ichimoku chart shows potential bearish cross

Palm, having been a darling since they launched Palm Pre is showing a sign that it is either taking a breather and/or taking a dip.

On the Daily Chart, we can see that Tenkan sen is going to cross Kijun sen (BEARISH). For now, we can see that there is a kumo support ahead. And possibly, a last ditch support at 13.37

Palm_24_july

Fundamentally, we know that there is the Europe launch to look forward to in Q4. Palm SDK has also been released. So, let’s hope the app store will bring good news as well. Of course, there is also the rumour of acquisition.

For now, the company is still burning cash. The wider economy is still weak (in my opinion). All we need is some catalyst to trigger a reversal.

I will be watching this very carefully.