Technicals Suggested RIMM Would be Down Big This Week
On 12/12 behind a password-protected post on RIMM, we said the following about the name as it approached $14 that week:
“In fact, it faces five major resistance points…all at the same time and all of which run to ~$13.65-$14.00 in terms of trade execution.”
In that post we went on to note the following:
“I’d be looking for short opportunities…RIMM now faces one of the uglier, more formidable tests of resistance I’ve ever put together in a chart for this site.”
Given the stock’s ~17% decline today post-EPS last night, that formidable test of five major resistance points has ultimately generated the type of outcome we thought could be a distinct possibility heading into the event.
To be clear, we’re not saying we predicted anything, because we didn’t (and never do) – the technical set-up did (and always does) that job.