RIMM Research in Motion Analysis for 10/27/08

RIMM Research in Motion Technical Analysis for 10/27/08

RIMM Support and Resistance Levels

Rimm appears to have finally have support from Friday October 24th, 2008 at the $40 level. I really don't see RIMM stock going much lower. If it does, Rimm will be getting buyout offers if you catch my drift! In the coming weeks it is possible for a retest of $40 if market conditions in the stock market deteriorate. RIMM is a great company with a great product...growth is slowing, but not this much. Yes, Apple ( AAPL ) is starting to eat their lunch with iPhone sales but there is plenty of business to go around. Having your stock go from $135 to $40 in 75 days,. well, this is what happens when every hedge fund on wall street owns your stock in a deleveraging period.

Resistance is at $46 and $50...when this stock turns it will be jaw dropping like a lot of other stocks out there. A close back over $70 and this stock will really get moving. RIMM is the ultimate day trading stock right now in my opinion.