Click to Enlarge In a sign that the cell phone manufacturer is all but dead, Nokia (NYSE:NOK) shares have screamed higher by more than 20% over the last two weeks. News that its new handset has been flying off of European shelves sparked a short covering rally, but it appears the rally might have run its course.
Technical resistance at the $3.50 mark looks to be a huge task for the shares to overcome, and any weakness is likely to push NOK back toward its trading range drawn between $2.50 and $3.
The easy money on a NOK short squeeze has been made. Take a look at other companies in the handset universe like Apple (NASDAQ:AAPL) or Google (NASDAQ:GOOG) — which owns Motorola Mobility and is behind the popular Android OS — if you want to trade in the sector.