Jim Letourneau's Blog

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Nortel Watch

3 Month Nortel Chart Posted by Hello

Technical analysis of Nortel (NT) keeps the focus on price. There is steady newsflow about Nortel and there is a presumption of some value for the company. I am not qualified to guess at what that value is so I use charts to assist me.

Nortel is sitting on support defined by gaps in May and August. There is overhead resistance from a 2 week and 2 month descending trendlines. Major resistance is at US$5 and major support is at US$3.00-3.16. Watch these levels closely. I'd be very nervous if current support (from the 2 gaps) fails.

Not Advice
Courtesy the Big Picture Speculator
I currently do not own NT.