Research In Motion
Exreme: Oversold; RSI at 22.36
Nearest Resistance: $16Nearest Support: $12.45 Research In Motion (RIMM) has been Wall Street's whipping boy for a while now, eroding most of shareholders' equity -- over 76% this year -- as rivals such as Apple (AAPL) took vast amounts of market share from the once-dominant BlackBerry. But the carnage could be ending thanks to a reversal in RSI. While it's a mistake to sell just because RSI goes oversold, the swing from oversold to neutral (crossing above 30) can be a much more important buy signal. That's what we're seeing in RIMM now, with shares up more than 10% today thanks to an overcorrection from a post-earnings selloff. I'd recommend sitting on the sidelines until nearest resistance at $16 gets taken out. More eager traders who want to take a position now would do well to keep a protective stop at $12.45. Research In Motion shows up on a recent list of 6 Tech Stocks to Avoid in 2012.
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