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9 Takeaways From Nokia's Chart

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Aggressive traders can buy today's breakout looking for a possible gap fill from last April.

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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.
Trigger: 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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