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New York, NY -- (SBWIRE) -- 09/03/2013 -- Microsoft Corporation (NASDAQ:MSFT) announced its agreement to acquire Nokia Corporation (ADR) (NYSE:NOK)’s Devices and Services section, including the right to license the patent and to use the mapping services, for €5.44 billion.
Nokia Corporation (ADR) (NYSE:NOK) is going to be in the spotlight on Tuesday when the market opens after a long holiday weekend. The news of Microsoft Corporation (NASDAQ:MSFT) entering an agreement with the company to buy its devices and services division have the market participants eager to see the market response, which we expect to be highly bullish and capable of giving an immediate 30% – 40% jump.
On Friday the price action created a red candle, but a Doji actually showing the indecision on the part of both bulls and bears. The volume at 21 million was slightly lower than the average of 24 million.
The company must sorely miss its golden days in the period of 1996 – 2000, when it reached an amazing high of $62.50 from a measly low of sub – $2 levels. The burst of the IT bubble swiftly took it to $10.50 levels by the end of 2002. In the next bull market, the stock managed to retrace exactly 61.8% of the previous fall, the Golden Ratio. That very important level provided all the supply and the stock crashed again to a new low at $1.63 in the last part of 2012, a level not seen before in its existence in the exchange.
The last major fall from the 2010 top of 15.88 to the 2013 bottom of $1.63 has traced a pattern called the Falling Wedge, implying a bit of exhaustion of bearish momentum. The price broke out of this pattern in November 2012 but has failed to generate any bullish momentum yet. Now we can see a clear Cup & Handle pattern which would get confirmed on a move above $4.22 – $4.28 and would give us a target of $5.80 & $8 in the coming months.
How Should Investors Trade NOK After The Recent Momentum? Find Out Here
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