Our analysis is based on long term trends, and if they are promissing, short term analysis. First, we view the
3 year weekly charts, followed by a 1 year daily chart. This analysis allows you to view the larger picture and trend,
rather than just looking at a short term prospective. This way, you can use short term volatilty to your advantage, if the
long term trend is positive.
You will see a summery of the stock we are analyzing, followed by the 3 year and 1 year charts. At the end, you will see a technical analysis summery. That's it,
to the point technical stock market analysis daily!
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Technical Analysis for April 21 2006
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| STOCK: NORTEL NETWORKS |
WEBSITE: nortel.com |
| CURRENT PRICE: 2.81 |
TREND: STILL CONSOLIDATING |
| TARGET PRICE: N/A |
RECOMMENDATION: PASS |
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Long Term Chart (Weekly 3yr) - To view the bigger picture
Charts Courtesy of StockCharts.com
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Short Term Chart (Daily 1yr) - Where to take a position
Charts Courtesy of StockCharts.com
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NT Technical Analysis
Nortel Networks, a cross listed stock, is the focus of our technical analysis today. The stock has gone through a long consolidation phase from its high flying days of the tech boom, and has yet to recover from the in suing crash. Taking a look at the long term chart, it is clear that the stock is still treading lower here, with e price touching its support level and holding, but will this last, or will it drop to its next support level around $2.50? I guess time will tell, but for now, assume $2.75 to hold, but don’t hold your breathe completely. The indicators on this chart show the MACD looking to edge up, but it has not been able to gather any steam, possibly because of fundamental issues relating to accounting issues which are still prevalent. Money has been flowing into the stock though, which is positive, but this new influx has not been able to propel the stock forward. Focusing on the short term picture now, note how the moving averages are acting here; the 50 day just crossed below the 200 day, and is a cause for concern here in the shorter term. On the other hand, the MACD seems to be improving here with time, but there still maybe many weeks before anything concrete develops, since the consolidation does not seem complete at this time.
Overall, things are looking fairly mixed here, with no direct evidence indicating any sort of opportunity to gain (given all the risks). Its best to wait and see from the sidelines for now.
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