Chart.ly Chart of the Day 12/8/09 Nokia

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  • on December 8th, 2009
ldrogen

Today on Chart.ly Chart of the Day we look at a bearish formation in handset maker Nokia $NOK with @akoptiontrader.  Bearish formations such as this have rarely worked during the current rally, but that doesn’t mean it’s time to throw out the technical analysis book.  $NOK is trading below all major moving averages and testing an important level of support, this could be a nice setup to the short side if it breaks.  Watch closely and have a quick trigger to cover if the bulls attempt a squeeze yet again.


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