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7 Stocks Under $10 With Relative Strength

Research In Motion

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Research In Motion (RIMM) is a designer, manufacturer and marketer of wireless solutions for the worldwide mobile communications market. This stock is trading up 4% to $8.00 in recent trading.

Today's Range: $7.57-$8.06

52-Week Range: $7.14-$33.54

Volume: 23.4 million

Three-Month Average Volume: 19.6 million

>>4 Earnings Reports Bigger Than RIM's

From a technical perspective, RIMM is jumping higher here off of oversold levels, and off its recent low of $7.14 with heavy volume. I say oversold because the relative strength index reading for RIMM was just below 30 during the last few trading sessions, and now sits at 33. This move has also pushed RIMM into near-term breakout territory since the stock is moving above its gap-down day high of $7.98 with high-volume.

Traders should now look for long-biased trades as long as RIMM is trending above that gap-down day high with strong upside volume flows. I would consider any upside volume day that registers near or above 19.6 million shares as bullish. If we continue to see that trend, then RIMM could easily spike toward its next major overhead resistance levels at $9.34, or even its 50-day moving average of $10.73.

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