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Thursday, October 05, 2006 

RNWK - Breakout the ascending triangle !!!!

Chart courtesy of stockcharts

Shares of Realnetworks hit new high today closing at 11.40 +4.50% after the company said it has joined with big-box retailer Best Buy to launch a new Best Buy-branded digital music store powered by Real's Rhapsody digital subscription service. The online component of the package, titled Best Buy Digital Music Store, is being done through a partnership with RealNetworks Inc.'s Rhapsody music service.
The technical chart above show that the stock is now in a rally after breakout today a key resistance level ($11) with big volume, also the overall technical picture show that the stock still in Bull market trading above 50 day and 200 day moving average. It'll be not a surprise if we see at this level a big short covering, because exist a high level of shorts.

Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations.

That's All. Have a great evening.


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About Me

  • I'm a 48 year old Independent Trader using proprietary technical analysis with more than 20 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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