There is hesitation in the market.
Recaping this afternoon.
Support was tested at 1 49 (11.96)
Retested at 306pm ($12)
Retested at 329pm ($12.01)
Retested at 3:42 ( $12.01)
Ongoing support test at 357pm ($12.02)
What's interesting is the testing from 150 pm onwards
has come at higher priced levels, each time, preset buy orders to enter
would kick in..
From 239 to close both LONG and SHORT markets in a stalemate.,
caught a very tight channel from $12 to 12.06
Close at $12
The end of the day did not end with a huge order that pushed up the price.
Last minutes of the day the price dropped a few pennied to close at $12.
While technically significant that the share closed at 12
there was buying , but buying at very tight preset levels.
While buying was there, the MARKET was clearly in no hurry to push the price
beyond 12 06
MARKET GIANTS at this point are waiting for additional information before making larger committments.
On a non-technical angle, THE MARKET has come to the conclusion that RIM will be on time.
Rim will increase its sales because of its market brand plus the value of the smart phonemarket as a whole is growing.
Its competitors, like APPLE will be struggling this coming year with product manufacturing returning to AMERICA, requiring a sizeable investment; which will affect its bottom line. Lowered stock price for APPLE.
Some Apple shareholders who want to capture an opportunity, will sell part of their holdings and will invest in RIM. Why? Because Rim's product is being courted to a very specific cross section of the smart phone market and anyone with half a brain would want to capitalize on RIM as it slowly regains a growing portion of the market.
Overall shipments of smartphones in the last quarter..
#1 was SAMSUNG
#2 WAS APPLE
#3 WAS RIM
In the next quarter I expect SAMSUNG to outship APPLE in smartphones and
RIM will increase the total number of smartphones shipped but will still be in #3.