Research In Mo... I Mean Blackberry Target Level
BlackBerry (NASDAQ:RIMM) is headed lower regardless of debuting a commercial during the Superbowl. The charts may see a near term small bounce but the technical signals point down. In recent months this stock has seen a dramatic run from $6.22 to a 52 week high of $18.32. This 200% move was too much too fast. What you are viewing in the charts now is a simple retrace. The retrace will be approx .618 Fib retrace. In addition to the retrace, there is a major pivot and the daily 200 moving average at this level.
The key level on Blackberry, formally known as Research In Motion is $10.35.
View the chart here: http://bit.ly/14KOYks
Chief Market Strategist