Research in Motion
Nearest Support: $14
Catalyst: BlackBerry 10 Release Well, that was fun while it lasted. Shares of Research in Motion (RIMM) started up this morning, only to fall like a rock following the release of the BlackBerry 10 today. RIMM has been one of the most volatile stocks on the Nasdaq for the last several months, but its bottoming price action as attracted more than a few traders as shares made leaps and bounds higher. Now, the question is whether the upside is over. There's no question that RIMM looks "toppy" right now. Shares hit hard resistance at $18, reversing lower for a test of support at $14 this week. At a glance, this stock looks like it could be in the early stages of a head and shoulders top pattern, but with a neckline at $11, the stock would need to fall another 25% before the actual sell signal came through. Instead, investors should look to sell on a break below RIMM's nearest support level at $14.