Research In Motion (RIMM) has been unable to break a weekly downtrend since 2008.
GAP REVIEW
On December 21, 2012, RIMM reported a narrower than expected third-quarter loss and gapped down from $14.12 to $11.84.
KEY LEVEL
Before RIMM can see higher prices again it needs to build a price support below. RIMM is very likely to drift to the key demand level of $8.00-$9.00.
THE TRADE
Sticking with the weekly downtrend, look for RIMM to continue to fall and move back into demand. Short any bounce under $12.00, stop over $12.50 and target into $8.00-$9.00.
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