Research In Motion (RIMM) is riding a bit of upward momentum into this week’s Mobile World Congress conference in Barcelona. The chart below shows that RIMM has broken above the 200-day moving average (DMA) on above average volume. If RIMM finally breaks the $72 resistance line, it could run up relatively quickly to fill September’s gap (around $83). RIMM has already accomplished a rare feat during 2010’s first earnings season – it has now recovered all its losses from a post-earnings fade. (I thought RIMM was poised to fill the September gap after the initial positive response to December’s earnings).
*Chart created using TeleChart:
RIMM has also basked in the glow of numerous upgrades the past few days. For example, on Friday RBC Capital Markets upped RIMM to a “Top Pick”, and Wedbush Morgan initiated RIMM with an “outperform” and a $90 price target (see Eric Savitz’s Tech Trader Daily for more details).
Full disclosure: no positions
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