Day Trade - Research In Motion Limited (USA) (Public, NASDAQ:RIMM)

RIMM carved out a tweezer bottom reversal pattern at the base of PDL setting up an opportunity to go long. As we can see from the wide range view of the 15 minute chart above, the reversal area coincides with a consolidation zone from last week's WR reversal bar. Price rallied back up to the ambush zone (50-62% retracement). After hours tech stocks TXN, IBM, ALTH sold off on weaker than expected revenues. So, the bias for tomorrow is short tech.

The next test of this support area will setup a short for RIMM. As we can see from the chart above, there's no support beyond $52.00, so there's a 2 point short trade if RIMM retests and fails to hold this support level.