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1. Nokia Powers HigherGary Morrow
4/16/2009 1:48 PM EDT Volume is running very heavy in Nokia ( NOK) today. The stock is up 10% following today's first-quarter earnings report. Nokia began the day with a powerful gap-higher open that lifted the stock to its best level since early January. The stock has come off a bit since the open but has maintained the bulk of the gains with the help of heavy upside volume. This surge in trade, the heaviest in eight weeks, has pushed Nokia above heavy resistance near the $14 area. Considering the stock is now over 20% above its March close, a healthy pullback is likely in the next week or so. Strong support is now in place between $13.50 and $14. A re-test of this area would provide a low-risk buying opportunity before the rally can continue. On the upside, I expect Nokia to test its January/December highs just above $16 in the next few weeks. The stock will encounter some heavy supply in that area. Just above is the 200-day moving average at $17 -- Nokia has not tested this in over a year.