Today’s chart is of Nokia Corporation
(NYSE:NOK), which provides telecommunications infrastructure hardware, software, and services worldwide. The company offers smartphones and smart devices, and feature phones and related services and applications.
Click to enlarge
What I Am Looking At:
Up over 145% since mid-July bottom.
Still underperforming the broader market, down 16% year-to-date.
Breaking out of a small pennant formation on the daily chart.
Appears to be attempting a gap fill from April between $4.40 and $5.01.
$4.82 is the 0% year-to-date level, could act as potential resistance.
Since October 2011 short interest has risen nearly 250%.
Nine percent of the float is sold short.
Twenty out of 21 analysts covering NOK rate the shares a “hold” or worse, possibility for future upgrades from this lopsided bunch.
Peak call open interest for the January series resides at the 5-strike.
Aggressive traders can buy today’s breakout looking for a possible gap fill from last April.
This article by Tony Venosa, CMT, was originally published on Schaeffer's Investment Research.
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No positions in stocks mentioned.