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Research In Motion Ltd (RIMM): Bearish move continues

 

RIMM continues to face downwards pressure since its gap down last Friday.

Immediate support is at $56 and $55.

On the Ichimoku Weekly Chart, we can see that RIMM is right inside the kumo now with the kumo support around $54 – $53 region.

A break on the Weekly kumo will probably send it down to the $40s; around $45 as next support.

Note:

I have SHORT Apr 57.5/60 CALL spreads on RIMM