September 11, 2010
Research In Motion Limited (RIMM) is a stock that has been ignoring the current stock market rally and has been under heavy selling pressure. As you can see in the above chart, the stock has been making a series of lower highs and lower lows over the past several months. Last week, RIMM consolidated forming what is known as a bear flag and on Friday broke down from this formation suggesting another leg down. Notice how the volume increased on Friday which helps confirm that this stock can expect further selling pressure in the days to come. Research In Motion Limited (RIMM) closed on Friday at 44.12 which was down .90 (2%) from Thursday’s close.
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