From Wall Street Trader's Column
RESEARCH IN MOTION LTD (RIMM-Nasdaq): Technical Viewpoint: From a low of $159.31 on Jun 27, 2007 prices rallied, reaching a high of $218.00 on Jul 6, 2007. A decline saw prices pull back, reaching a low of $206.31 on Jul 11, 2007. Another rally saw prices penetrate resistance line "A", closing yesterday at $227.52. Technicals: MACD Index (MACD): A Buy Alert! was given on Jul 2, 2007 when the solid line crossed the dotted line to the upside. Support: Remains at $216.00. Resistance: Is at None at current levels. Point & Figure: Reversed to the upside on Jul 29, 2007. A P&F downside reversal takes place at $222.00. Summary: Technical indicators have turned bullish. BUY! RESEARCH IN MOTION LTD (RIMM-Nasdaq) @ $228.25 Stop: Use a protective stop of $222.13. RESEARCH IN MOTION LTD is currently trading @ $227.52 plus $12.05 on Jul 13, 2007.
Price Objective: $250.00
Risk/Reward: $6.12 VS. $21.75
Today's Risk Reward Ratio: 4:1
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Harry Aloof's business background as a technical analyst for the commodity futures and US stock markets spans nearly three decades. In 1980 he became a member of CompuTrac/Technical Analysis Group, and in 1988 he became affiliated with Shearson Lehman Hutton as a financial consultant. Mr. Aloof became registered as a Commodity Trading Advisor (CTA) with the National Futures Association (NFA) and established his own private advisory firm in 1989.
Harry Aloof is a student of the Tape Reading Art. When studying Technical Analysis back in 1968, Mr. Aloof learned tape reading from one of the largest single traders of the day. Mr. Aloof incorporates his choicest tape reading selections in his technical analysis.
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