RIMM Bearish Engulfment
RIMM had a rough week due to earnings coming in a bit below analysts high expectations.
Notice in the above chart how RIMM has trouble staying above the 144 level. RIMM also formed a weekly bearish engulfment which means if you are long this stock, you might want to raise your protective trailing stop to lock in profits. I think if RIMM takes out 130, it will probably move down to test the year low which is at 120.
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6 comments:
Hi Kevin,
Any comments on Dell? Thx!
Hi KK,
No opinion on DELL. A few weeks ago I was bearish on DELL, but now it's clearly showing strength. I don't see any low risk setups at the moment for this stock.
Hi Kevin, I agreed that RIMM does look weak. Even though COMPX rallied on Friday afternoon session, RIMM did not even test the base of the falling window formed on 12 Apr. Take a look at AMGN weekly chart. Previous week, it closed with bullish engulf and this week it was a hammer. Cheers! nl
I don't know why Dell keeps going up for 8 consecutive days so far. The Apr put option has extream high new open interest on Friday. I am a newbie here, I wonder if you could provide some opinion based on the above facts, is there any fast money on option here? (It seems to me a reverse is due after so many days surge) Thx a lot!
Hi Kevin,
Last week was another inside week for GOOG, although barely? Would u still make that trade next week?
Hi George,
Yes, I will make the trade next week in GOOG.
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