Price set up a long entry late in the day on the 27th while today was the opposite, basing off of a lower pivot level short.
Today, price found buying around the previous day's low (PDL) and selling at the previous day's VPOC.A second bounce around the PDL, selling at a lower high.
In the meantime, RIMM formed a sideways consolidation zone.Finally, a weak bounce, again at the PDL, failed off the Open in a bear flag pattern.
I was watching the PDL for a possible bounce, but internals were increasingly negative and once we sliced through this previous support level I held on for $59.50 for half, and $59 (original target) for the other half 2-minutes before the close. Though I did hold on to 5% going into tomorrow, targeting a test of a naked VPOC.
All-in-all, RIMM looks pretty busted. In an environment of trepidation, the strong issues will be held longest. This is getting the feel of an issue that is being shed. If it breaks $58 this should really have some momentum to the downside.
The weekly chart looks busted, and on a broad perspective looks like a test of H&S neckline (log chart)
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