although RIMM was unable to follow-thru on the daily downtrend line breakout on friday 3/30, RIMM is still clinging to that weekly support that i previously highlighted. the stock could be in the early stages of putting in a base around current levels from which to launch from or this may prove to be just another pause on the path the oblivion. my previously posted tight stop level (4 hr uptrend line) was hit shortly after the breakout failed but if anyone started scaling into the trade and is giving it some room, here’s the updated 4-hour chart which shows two rejections off that resistance level that RIMM must clear in order to start moving much higher. hard to say if that will happen or not but my guess is that if RIMM can move higher to test that level once more, it will likely take it out. i will continue to monitor this trade for now but be aware that a break of those december lows would be bearish and likely usher in a new wave of selling.
