Friday, February 16, 2007

Nortel: Where Is The Resistance?




Nortel was up again today. In fact this stock was up every day this week. In just two weeks Nortel has advanced 23% on very good volume.

The top chart is a seven month daily chart of NT. The lower chart is a two and a half year weekly chart. I'm still bullish on NT and I think the stock will most likely test the 34 to 36 resistance zone which isn't far away. That would be a great place to take some profits considering the move NT has had. You can read my original post from December 20th as to why I was bullish on NT here.

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