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Research In Motion (RIMM) Head & Shoulders Playing-Out

As discussed early morning today in the pre-market morning video (http://steadytrader.wpengine.com/video-2/march/), RIMM is in the progress of playing out a classic head & shoulders pattern.  See chart below.  The target is just north of $51.  Several things make this head & shoulders pattern nice in RIMM.  Note the consolidation period around the 200 day moving average (red line) last week and then today the break below the 200 dma on decent volume.  Also of note is the weakness in the semiconductors by the way…look at SMH, INTC, AMAT, CY.

   

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