RIM (RIMM) Shares Volatile as Technicians Dominate Trade
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Shares of RIM (Nasdaq: RIMM) are extremely volatile Thursday morning, swinging from positive to negative and back to positive territory.
The stock gapped higher to $14.70 but soon began selling off after hitting a resistance level at $14.75. Just ahead of 10:00 am ET, shares bottomed at $14.47 (successfully bouncing off support at $14.50) on a spike in volume. Shortly thereafter, RIM's price rallied more than 2 percent to push over $14.75.
About 4.7 million shares of RIM have traded hands so far Thursday, suggesting rather light volume compared to the stock's average of 22 million shares traded per day.
Shares of RIMM are currently trading up roughly 1.2 percent to $14.84. The overall tech sector is trading up just 0.03 percent while the Nasdaq is up 0.56 percent.
The stock gapped higher to $14.70 but soon began selling off after hitting a resistance level at $14.75. Just ahead of 10:00 am ET, shares bottomed at $14.47 (successfully bouncing off support at $14.50) on a spike in volume. Shortly thereafter, RIM's price rallied more than 2 percent to push over $14.75.
About 4.7 million shares of RIM have traded hands so far Thursday, suggesting rather light volume compared to the stock's average of 22 million shares traded per day.
Shares of RIMM are currently trading up roughly 1.2 percent to $14.84. The overall tech sector is trading up just 0.03 percent while the Nasdaq is up 0.56 percent.
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