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Research In Motion (RIMM) : Watch out for a breakout

RIMM chart has shown prices moving steadily up since its low back in August 31.

It is now at the ‘tipping pt’ of breaking upwards; with small trading range.

The small trading range suggest that the market is undecided about the positioning of its new ‘tablet’ device.

A lot of it will depends on how the product wow the market. More importantly, is the positioning and pricing.

If it is position as an iPad alternative, it will play second fiddle to AAPL.

Nonetheless, the bullish momentum is not that great as we can see that the Tenkan sen is fairly flat. Resistance is expected at $50.

But, if RIMM is able to pull a ‘PALM-equivalent WOW factor’, I won’t be surprised if it can go towards $58.

By iam802

Trend trading with Ichimoku