Stock-RIMM-Research In Motion

Stock Symbol - RIMM - Research In Motion

On April 2nd, RIMM released earnings that beat the street by .08 cents. This lead to a 20% increase in the stock price. Many like Cramer from “Mad Money” is talking up the stock and expects to see it run up to $80 a share. We don’t doubt that this may occur, but along the way there will be many peaks and throughs. That’s why we have added RIMM (Research in Motion) to our best day trading stock for April 8th. RIMM typically has a low and high that averages over 5% in range. The day after RIMM’s earning release the stock traded over 75 million shares, this is well beyond their average daily volume of 24 million shares. As the market retreats this week to catch a breather from the four week runup, RIMM has also retreated from their recent high of 64.44 on April 6th. Closing at the low on April is a negative sign for the stock and will lead to the stock price continuing to drift further down. We expect the stock to head near $57 a share and fight it’s way past 63$. The range we’re setting for day trading RIMM is a buy below $59 and take profit if it goes above $62. It’s a sell if it reaches anywhere above $63. Make sure you adjust your day trading range as the stock can break out upon any news. Day trading RIMM stock can lead to a very profitable experience for day traders, if you are patient and consistent.

When day trading stocks that are volatile like RIMM, it’s important to set a 10% stop limit both ways to protect yourself from extreme loses. Happy Day Trading!