Research In Motion Prints Fresh Multi-Month Highs

Research In Motion (RIMM) continues to print new session highs as ticker breaks its three month high range from late October. At last check, shares were up $3.20 to $58.23 on 17.2 million volume.

Technically speaking, RIMM shares have underperformed the broader SPX by (13.62%) during the past 52 weeks. However, since bouncing off its mid $44 support level in mid September, the stock has surged higher on a relative breakout trading volume with price currently nearing a test of the $60 area. There is stronger resistance in the $62 level, but the stock could be on its way to test it over the near-term if the bulls can sustain the buying.

RIM is currently trading approx. 17.5% above its 50-day moving average of $49.53 and 2.3% below its 200-day MA of $59.57. In the last five trading sessions, both the 50-day and the 200-day MA have shown volatility but climbed steadily nonetheless, confirming the company’s upward momentum. On an intraday basis, a strong close off of today’s base by RIM should help set it up for upward continuation.

Separately, there were reports this morning that when RIM’s forthcoming BlackBerry Playbook tablet ships early next year it will be competitively priced. This according to company co-CEO Jim Balsillie, who tells Bloomberg that the price will be under $500, suggesting Waterloo, Canada – based RIM may try to undercut Apple‘s (AAPL) iPad.

About Ron Haruni 1034 Articles
Ron is the Co-Founder & Editor in Chief of Wall Street Pit. Web Site: Wall Street Pit

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