Nokia (NOK) Headed Toward New 2009 High

09/09/2009 12:01 am EST


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,

Related Articles on STOCKS

Keyword Image
11 Reasons to Buy Microsoft
12/11/2017 5:00 am EST

For our latest recommendation, we revisit one of the world's most prominent technology companies, Mi...

Keyword Image
A Trio of Top-Tier Biotechs
12/11/2017 5:00 am EST

We hold three biotech stocks in our growth portfolio — Biogen (BIIB), Bioverativ (BIVV), and R...

Keyword Image
Saudis, Oil and ETFs
12/11/2017 5:00 am EST

Under the guise of clamping down on “widespread corruption,” Prince Mohammed bin Salman ...