$RIMM . Continues to be bearish.


$RIMM goes as low as $12.37 when the earnings came out before recovering to the $13 levels.

Clearly, in the earnings call, it leaves no doubt that there is very little RIMM can do.

They have missed the opportunity for both the smartphone and tablet market. And the opportunity to capture the market share (if any) continues to rapidly shrink with AAPL strengthening its position. RIMM need to contend with Google as well as MSFT and their partners (Samsung, Nokia, LG, HTC).

All of them will have sufficient cash to go against and respectively capabilities to be up against RIMM.

At this moment, RIMM is still trading under the kumo and I will continue to hold my bearish view.

Thick kumo resistance ahead is a reflection of the challenge that RIMM face. While the after hours trading hitting 12.37 shows that the support at around 12.75 can be easily breached.

By iam802

Trend trading with Ichimoku