Garmin (GRMN) : Short Setup did not materialise

There are times when I am right and there time times when I am wrong.

Garmin is one of those. I was looking for a short entry it as it consolidates over the few days with a possible resistance level at around $28.50 to $29

My trade plan is to enter if it breaks the support as identified on the chart at around $28.

The saving grace for me is, the setup did not materialise.

Garmin was up yesterday on the open and went on to break resistance and surge higher.

If there’s a lesson for this trade that did not materialise, it will be :

No Setup. No Trade


Garmin (GRMN) : Chart Review

A follow up review on GRMN.

Garmin continues on its bearish move since my May’s post.

With the downward trend so strong, I won’t be surprised if GRMN will go below $15 soon.

Will the average user be buying a smartphone from Garmin? Or will they choose from Apple, Motorola, Samsung, Nokia, BlackBerry etc.

What will be the catalyst for it to rise?

Among the typical M&A, going private etc. In fact, I am thinking about possibility of RIMM acquiring GRMN.

This is really a stretch on my imagination here as I do not know whether RIMM has a comprehensive mapping services.

I do know that they have some geolocation services testing via this post

At the same time, if RIMM succeed with their own mapping services, it is also possible for them to kill GRMN’s core business through their deals with automotive.


Garmin (GRMN) : Bullish Gap Up

Garmin has a bullish gap up last Friday.

With the gap up, GRMN is now above the kumo with the Chikou Span (highlighted in yellow) having pierce through the resistance levels.

On top of that, both the Tenkan sen and Kijun sen is now pointing upwards; a possible indication of a new bullish trend after its dismal drop last year.