Research In Motion (RIMM) Update

In yesterday’s video I mentioned that we wanted to see a pullback to prior resistance near 124 and then to buy the stock once the buyers re-established short term control of the stock. We got the pullback, but it kept pulling back, so the stock should not have been purchased. We never know if a prior level of resistance will act as support, they are only POTENTIAL levels where we want to study price action further for evidence which backs our theory. Right now, I would avoid RIMM until it can show signs that the buyers have take back control of the short term trends.