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Nearest Resistance: $2.00
Nearest Support: $1.75
Catalyst: "Less Bad" Earnings
Shares of mobile phone maker
Nokia(NOK - Get Report) are pushing more than 7% higher today, the result of "less bad" earnings than analysts had been expecting. Yes, Nokia did post a 1.41 billion euro loss for the quarter -- a bigger one than last year's too -- but Wall Street was expecting the worst, and investors were pleasantly surprised by the actual result.
technical standpoint, though, investors should still be expecting the worst. Shares have a strong
resistance level at $2, and they've got weak support at best propping up prices at $1.75.
The sustained downtrend that shares have been in since late March hasn't abated yet, and the pop in Nokia is fading into the afternoon. I'd look to go short on a push below $1.75.
For another take on Nokia, it was also featured recently in "
6 Hated Stocks to Stay Away From."