One caller during Monday's Mad Money Lightning Round segment asked about one big contributor to the mobile telephony industry -- Nokia (NOK) . "I'm warming up to Nokia. It's come down a lot and we're almost there," was Jim Cramer's response.
Let's check out some charts and indicators. In our last review of NOK on July 22 we recommended that, "Traders could go long NOK closer to $5.50 risking to $4.50. $13 is our longer-term price target."
In the updated daily bar chart of NOK, below, we can see that NOK continued higher into early August and then quietly slipped below the 50-day moving average line. The 50-day line is slowly turning lower but the 200-day moving average line still has a positive slope and intersects down around $4.90 or so.
The On-Balance-Volume (OBV) line shows a slight drift lower from early August and the Moving Average Convergence Divergence (MACD) oscillator recently moved below the zero line for an outright sell signal.