When I heard Cajun’ talking about being a RIMM bear, I had to take a look at the RIMM chart. I mean, when Cajun’ gets bearish on the perennial tech favorite, either he is going to be dead-on right, or there is something that is out of alignment in the universe.
Now Cajun’ is not known for being wrong very often, so I believe that something is out of alignment here.
When I see the chart, I see a decent looking breakout that is testing a pivot point and the 50 day average. Granted, it is not perfect, as volume has been declining. But, I would not want to be making a lot of bearish bets on RIMM, just yet.
All that being said, should the 50 day average and the trendline get broken, I think RIMM could see $110.00 very quickly.
And if you switch the chart from linear to log, the trendline gets broken.
But not the 50 day.
One has to wonder whether more technical analysts are using linear or log.
I’m new to this whole thing and I have a natural propensity towards log charts. I don’t know which one gives an edge.
You are right about the 50 MA, although it does seem to be slowing.
Steve, it seems there are successful analysts using log and successful ones using linear.
When I was first getting started, it seems like the book I was reading had an author that preferred linear, and so that is just what I’ve always used.
However, if I could definitely determine what most people use, there would probably be an edge from that. A lot of TA is just being able to see what others are seeing and trying to guess what they are going to do.
Wood vs Cajun, the match of the century. IBC should charge for this you know.
Oh damn did you see that drop in AAPL!
Wow, the AAPL skinny Steve trade is on in full force!
Coming up next on CNBC . . . .
LIVE from iBC.com the grudge match to end all grudge matches: “The Woodster vs the Ragin’ Cajun”.
But first this message from our sponsor.
It is a descending triangle pattern. Support is the 50 day (129.17) and the horizontal line at $127.75 ish. Resistance (descending line) is about $136.
Draw your trendlines and you will see.
Not at all. I do not choose to go against Cajun, ever.
Just wanted to highlight what I feel like is a huge shift in sentiment.
Anyway, I will challenge The Fly to a grudge match, any day. However, he doesn’t fight fair, so I will likely loose [sic].
Bad ass and humble…a mans man indeed. By the way what would your price target be based on your analysis?
MarketRaider, on the long side, a price target, for RIMM? I would sell half at 140 and the rest at 150.
look at the weekly chart, looks like a loss of momo on the higher high however the 30 wk sma is still rising currently at 112.54…. a pull back to here will give information out on wether or not RIMM will be putting in another leg up.
Thanks wood.
Cajun will make money next week. Don’t forget a put is a lot different then a short. They will start new uptrend after earnings. Forward guidance,new products and agreements. Will kick it up.
BPOE, for goodness sakes, this post wasn’t about Cajun’ making or losing money. I don’t wish ill on my partners, ever, except for Fly.
This post was about the fact that I can’t remember when I’ve seen Cajun so bearish, and on names he used to love. That is all. An observation, if you will, with a nice chart.
Fuck this post.
Don’t mind me, I’m doing drivebys.