Nearest Resistance: $4.80
Nearest Support: $3.50
Catalyst: Technical Setup
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Beleaguered cell phone maker
(NOK - Get Report)
is getting plenty of investor attention today, and not for the best of reasons. The $13.7 billion firm typically sees big trading volume because of its conspicuous spot on the NYSE, but today, it's getting some extra attention thanks to the technical setup in shares. While shares have made some auspicious upside progress in 2013, a reversal looks likely from here.
Nokia is forming a head and shoulders top, a price setup that indicates exhaustion among buyers. The neckline level for shares is $3.50, the stock's nearest support level. If shares slip through there, I'd recommend unloading any long positions in NOK. Shares flirted with price in the high $3.50s today, so the breakdown may not be far off.