Research In Motion Ltd. (Nasdaq: BBRY, changed from RIM) has managed to gain 185% from the 6.13 low touched in September last year. From the beginning of this year the price has consolidated into a symmetrical triangle with the highest point at 18.25 and the lowest at 11.50.
If the upper line of the triangle will be broken, we might see its target hit at 22 dollars per share. This scenarios doesn’t end here because if the price will break the highest point of the pattern, than an Inverted Head & Shoulders will be confirm and the full target of this reversal pattern sits at 29.71.
We consider this setup activated after a break over $17 per share. We can use the triangle’s target as first take profit for this setup and 29.70 the second target.
Confirmation Level: 17.07
Take Profit: 22.03 and 29.71
Stop Loss: 12.51