Nokia (NOK) Headed Toward New 2009 High

09/09/2009 12:01 am EST

Focus: STOCKS

Tim Bourquin

Co-Founder, The Traders Expo and The Futures & Forex Expo

Nokia (NOK), the mobile phone manufacturer, has broken out and up on positive news stories in the past few days.  Trading volume has also spiked, indicating some good momentum here.


Click to Enlarge

If the stock can continue above a previous 2009 high of around $16.75, it looks like it has a lot of room to go toward $21 in the short term.

The daily chart does look choppy, however, so a long position would definitely be a swing trade with a wide stop. The weekly chart above also looks like an upside down head-and-shoulders pattern ready to break the neckline with the next move up.

By Tim Bourquin, trading content director, MoneyShow.com

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