Nearest Support: $25
Catalyst: Earnings Beat >>3 Tech Stocks Rising on Big Volume Up first is Facebook ( FB). The $67 billion social network is up more than 3% on huge volume in this afternoon's session after posting growth in mobile sales numbers for the first quarter. Wall Street had been expecting the firm to earn 13 cents per share in profit, but the 12 cents Facebook actually earned was enough to spark buying. Investors are also shrugging off stagnant user numbers after earnings. From a technical standpoint, though, Facebook is looking a whole lot less bullish. Instead, shares are looking "toppy" thanks to a head and shoulders pattern that's been forming for the last few months. A move down through $25 is the sell signal. (For more on Facebook's current technicals, check out " 5 Huge Stocks to Trade in May").
Brocade Communications Systems
Nearest Support: $5
Catalyst: Revenue Forecast Miss >>5 Stocks set to Soar on Bullish Earnings Meanwhile, Brocade Communications Systems ( BRCD) is getting sold off more than 7% today after releasing a second-quarter revenue forecast that came in shy of Wall Street's expectations. BRCD cut its outlook on weak demand for its products, and that in turn is causing weak demand for its stock. Technically, the breakdown in Brocade is more significant than the 7% shares are off today -- it plowed the stock through a couple of key support levels that had acted as price floors of sorts for shares up until now. At this point, BRCD looks likely to keep selling off. I'd recommend staying away until this stock can establish some semblance of support.
Nearest Support: $3
Catalyst: Technical Factors Beleaguered handset maker Nokia ( NOK) is drawing high trading volume today, no new phenomenon for the $12 billion Finnish tech stock. From a technical standpoint, Nokia's chart looks ugly right now. The stock has been in a downtrend since early 2013, and that series of lower highs and lows looks unlikely to get derailed in the near-term. While $3 support has acted as a decent floor for shares in the past, I wouldn't put too much faith in NOK's ability to catch a bid at that level longer-term. That doesn't mean that I'd short the stock either. Headline risk remains a big factor in Nokia's price action, as rumors of a white knight coming in to rescue the firm continue to pop up. If you're looking to build a position in NOK, I'd at least recommend waiting for the downtrend to get broken first. To see these stocks in action, check out the at Most-Active Stocks portfolio on Stockpickr. -- Written by Jonas Elmerraji in Baltimore.
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