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5 Tech Stocks to Trade (or Not)

Nokia

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Nearest Resistance: $3

Nearest Support: $2.50

Catalyst: Technical Setup

Nokia (NOK - Get Report) is staging a reversal of its own. Shares of the beleaguered handset maker have been getting ample attention for the last few months, and Nokia is about to try for a big technical move in August.

>>10 Top-Rated Tech Stocks That Pay Big Dividends

NOK shares fell hard between April and late July, but they started to bottom at the end of last month. I pointed to its upside potential in my " 5 Huge Stocks Ready to Slingshot Higher" column from July 27. Since then, they've certainly slingshotted; NOK is up more than 47% from the day that column ran.

Now shares are testing a significant resistance level at $3, a price that buyers have failed to overcome on the last four attempts. Clearly, there's a glut of supply of shares that buyers can't absorb there, so it's a price that traders should be paying attention to. Wait for a breakout above $3, then consider buying NOK.

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