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12.26.12 Wednesday 11:50AM CT

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Entered Long Positions @ $11.12

(Daily Chart, 50EMA)

I have been watching  $RIMM very closely since November as  I was anticipating a phase shift from Accumulation phase to a Public Participation.   We did see a Public Participation phase but it was some what manipulated and looked as though it was some kind of penny stock as it was a volatile for a while.  And I stayed away. It needed to calm down and let the market sort things out itself and I believe that’s what we are seeing here and possibly ready to move upwards with some steadiness.

So I didn’t touch $RIMM until today as I was waiting for a pull back and was anticipating a sharp pull back and that’s what we got last three days or so.  This morning as I was watching closely on that support area along with 50EMA, I decided to enter bullish with some March Call Options @ $11.12.

$10.50 area has been acting as recent support which that also confirms by 50EMA (see arrows) which also that has been served as strong support since October. And it seems like 50EMA could be the key component to ignite this bullish trend to come. Watch for 10EMA and 20EMA at the top which could act as short-term resistance.

Cautionary Signal: It kind of looks like we might be forming a Head and Shoulders reversal. So watch out for the building of the right shoulder. If that’s confirmed, all bets are off for the bullish trade.

Cautionary Signal 2: Fiscal Cliff and the potential market crash sentiments floating around. This stock is the only stock currently I have long positions on. I usually do not get into a trade that is going to be a counter trend to the market as whole.   Obviously I am not sure how long this downtrend is going to last for the market indexes but with many strong reversal signals, I am thinking could lead to longer term.

Candle Formation: We are forming a Morning Star bullish reversal. (Not a textbook but the sentiment of its formation is there)

Next targets: $12.30, $14.00, $17.50

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12.30.12 Sunday

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Must Close Above $12.50, Possible Bullish Pennant

(Daily Chart, 10 EMA (green), 50 EMA (pink))

If Bulls are going to continue this momentum alive, it will need to push through the 10EMA (green) with some convincing bullish candle that is supported by some volume spike.  Possibly we are forming a Bullish Pennant though it is little too early to define that yet but $RIMM did very well last two days holding up despite the fact that the market as a whole tanked.

Again continue to watch out for that possibly head and shoulders reversal pattern and when that’s confirmed, all bullish bets are off.  $12.50 needs to be broken by pushing through to the upside if Bulls want to stay alive in this bear market this week.

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1.8.13 Tuesday

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Consolidating, Possible Pennant

Looks like possible bullish pennant here but technically these kinds of pattern can break-out on either side so watch for that.  But looking at the last pattern and how it looks similar to pattern now, I am expecting a bullish break-out.  Upon break-out we will probably fill the entire gap to the upside and next resistance is at $14.00

As we break-out of this Pennant pattern, we should see increasing volume to support the move.

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1.11.13 Friday 1:13PM CT

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Broke Out

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1.14.13 Monday 9:52AM CT

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RELENTLESS (Holding Full Positions)

11:03AM CT

I Closed Out Completely @ $15.01

I will look into re-enter after some pull back