• Chart of the Day: Nokia Corporation (NOK)

    by  • December 17, 2012 1:39 pm • Quick Hits, Tony Venosa's Chart of the Day • 0 Comments

    Today’s chart is of Nokia Corporation (NOK) which provides telecommunications infrastructure hardware, software, and services worldwide. The company offers smart phones and smart devices; and feature phones, and related services and applications.

    Ticker:  Nokia Corporation (NOK)

    What I Am Looking At:

    • Up over 145 percent since mid-July bottom
    • Still underperforming the broader market, down 16 percent 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 percent year-to-date level, could act as potential resistance
    • Since October 2011 short interest has risen nearly 250 percent
    • 9 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

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    Tony Venosa, CMT is a Senior Options Strategist and works on the trading desk at Schaeffer’s Investment Research. He joined Schaeffer’s in 2010. He has worked in the finance industry for over 15 years. He began his career as a trading assistant in Chicago on the floor of the Chicago Mercantile Exchange. He later moved upstairs and worked as a commodities broker on both the retail and hedging side. He left the brokerage industry to begin his trading career as a proprietary equities trader at a Chicago firm. In 2000, Tony moved backed to his hometown and continued trading his personal account. He later went on to earn his Chartered Market Technician designation. He earned a B.S. in Finance from Miami University. Tony’s main focus is short-term directional option trading.


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