China Mobile (CHL) NewsBite - China Mobile Flat on Nokia Warning

Posted on Friday, September 05, 2008 2:15 PM

China Mobile (NYSE: CHL) hit a new 52-Week low of $51.11 so far today. Currently the stock is up $0.10 (0.19%) to $52.28 on 1,953,517 shares traded. Today's low is down $51.72 from a 52-Week high of $104.00. China Mobile stock has been showing support around $51.18 and resistance in the $54.18 range. Technical indicators for the stock are bullish and S&P gives CHL a positive 4 STARS (out of 5) buy ranking. Shares of telecommunications companies have been slipping today after Nokia Inc. (NOK) warned it would lose market share this quarter as it refused to participate in a price war waged by some rivals to combat weak economies If you are looking for a hedged play on CHL the stock seems like it could be a candidate for a September out-of-the-money bear-call credit spread above the 55 range. [ABR-Seven Summits Strategic Investments NewsBite]