Close to the 50 Day - Research In Motion
Published on Friday, 27 January 2012 06:48 Written by Christian Paolinetti
New York, January 27th (TradersHuddle.com) - Shares of Research In Motion Limited (NASDAQ:RIMM) closed the trading day at $16.26 close to its 50 day moving average currently set at $16.07. Research In Motion's price action is just above this important support level translating into a trading opportunity.
Research In Motion Limited (NASDAQ:RIMM) designs, manufactures, and markets wireless solutions and smart phones for the worldwide mobile communications market. The Blackberry maker provides platforms and solutions for access to email, phone, SMS messaging, Internet, and Intranet-based applications.
Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $14.57 and calculated resistance at $17.96. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.
Traders wanting to establish a position on Research In Motion will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.
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