The Play Of The Day
09-21-99 08:11 EST.
Good Morning Stock Fans!
Today's Play of the Day is: Research in Motion (NASDAQ:RIMM)
Since September 9, 1999, (NASDAQ:RIMM) has sold down off of $37.25 a share on much less volume. In fact that day September 9, 1999, (NASDAQ:RIMM) traded over 1 million shares as it was upgraded to $40.00 a share by 2 major brokers for the near term. However yesterday (NASDAQ:RIMM) only traded 219,000 shares as it ended the day down $1.00 to close at $32.31250 a share.
Looking at (NASDAQ:RIMM) chart formation it looks as if the bottom of the current range for (NASDAQ:RIMM) is $31.25 a share. The fact that this stock closed down one in a rally yesterday that took many NASDAQ stocks higher tell me that this stock looks very good to hold $31.25 and then strictly as a range play today make it move back up to $37.25 a share as it chart formation indicates it should off that $31.25 area of support. Once that area is reached (NASDAQ:RIMM) should see more volume as it finds it way back up to $37.25 a share.
Buy Area: $31.25- $31.93750
Sell Stop: $30.43750
TARGET: $37.25 ( 3 days to 3 weeks)
Be sure to check your email if you can throughout today on the lookout for any ALERT BUY that I see as today's market unfolds.
Have a great day!
More to come.....