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4 Big Tech Stocks on Traders' Radars

Stocks in this article: ZNGAFBNOKCLWR

Nokia

Nearest Resistance: $3.80
Nearest Support: $3.40
Catalyst: Negative Analyst Note, Market Share Loss

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Wall Street analysts are impacting another perennial high-volume name today: Nokia ( NOK). Nokia is off by 3% this afternoon after a negative note from RBC spurred sellers to pull the trigger on shares. Helping things along was news that the Finnish phone maker lost the leading market share in its home country to rival Samsung, a notable blow in a place where consumers have an added reason to buy Nokia handsets.

While Nokia is in a downtrend right now, it's still got several support levels nearby to catch shares on the down-side -- the nearest is at $3.40. While I wouldn't recommend jumping into NOK right now, it's not a particularly compelling sell at this point either.

Clearwire

Nearest Resistance: $4.40
Nearest Support: $4.30
Catalyst: Acquisition Bid Increase

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Clearwire ( CLWR) is rallying today, gapping up more than 24% after Dish Network ( DISH) raised its bid to $4.40 in order to one-up the rival offer from Sprint Nextel ( S). Nothing benefits shareholders like a bidding war, and the back and forth between Sprint and Dish is certainly proving lucrative for CLWR's owners.

Still, headline risk is too high in this stock to find a high-probability trade here. If you haven't already bought shares before today, it's probably not worth the risk.

Zynga

Nearest Resistance: $3.60
Nearest Support: $3.20
Catalyst: FB Sympathy Move

Last up today is Zynga ( ZNGA), a social gaming stock that's getting hefty trading volume as a sympathy mover tied to Facebook. Since Zynga has huge ties to Facebook's fortunes, the gaming company tends to ebb and flow with its larger partner. In a lot of ways, that makes Zynga sort of a high-beta version of FB. The big divergence of late has been the fact that ZNGA has sported much better relative strength.

Looking at the technicals, Zynga has been consolidating for the better part of the last month. That tight sideways range gives us a way to trade ZNGA: A breakout above $3.60 resistance is a short-term buy signal, and a breakdown below $3.20 support is a sell indicator. Either way, I'd recommend looking for cues in FB as to where ZNGA ends up.

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