$RIMM . Gap resistance and timeframe on Ichimoku

RIMM continues to face resistance fromt the gap down back in Sept 16.

From the Ichimoku chart, unless RIMM can break through and rally above $27 before end October, the resistance level at $24 will hold.

Currently, the leading kumo is flattening; suggesting that RIMM trading price is consolidating at current levels.

However, the Chikou Span, Tenkan sena and Kijun sen all remains in bearish territory. Holding the $22.37 level is critical.

Failure to hold will see RIMM challenging the lows of $19.29 again. Possible catalyst includes continue poor shipment of its devices and failure to meet estimates. This may come from its next earnings in December (or maybe news will leaked in November, if any).



By iam802

Trend trading with Ichimoku