Tuesday, May 31, 2011

RIMM - SUPPORT PLAY - BOUNCE FROM L-T SUPPORT





RIMM has been particularly weak. It has tested the bottom of this range (seen clearly on 10min timeframe). I wanted to scale in on weakness as it approaches the bottom of range as well as the longer term(daily/weekly) support area of 42.50. I was prepared to give it a few cents below this price area to get a flush out. I scaled out as price bounced from this area. RIMM is weak from all timeframes, therefore a test of support is meant only for bounce play only, not longer holds for longs.

No comments: