Palm Inc. (PALM): Rebounce from Ichimoku’s Kumo support

Palm had a nice little rally yesterday with fairly high volume.

I am not sure what causes it. It could be a short squeeze since PALM had recently announced that it is going to issue 16M shares.

But, on the Ichimoku’s chart, we can see that the price did not drop below the Ichimoku’s support level defined by the kumo.

The closing price also pierce through a resistance level at 15.83

Not sure how high it will go. But, there is a possibility that it may break the resistance at 16.57 and head higher; especially if the shortists starts covering. If it breaks that level, it will set another new high for PALM.

2009Sep-Palm Inc-800x600

By iam802

Trend trading with Ichimoku