Stock of the day: Nokia

By Tomasz Wisniewski|

Published: December 09 2022, 14:19 GMT+0

Stock of the day: Nokia

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Let us welcome NOKIA – our first-timer in today’s analysis. For many years this company held the status of the strongest leader in the cellphones industry. These days, their mobile phones are far from being their once-iconic selves but the company still operates in the telecommunications industry.

Regarding Nokia, we are currently in no man’s land, but the proper trading signal should be triggered really soon. The price is currently inside of a triangle pattern (blue) which highlights the latest sideways movement. Most recently, we had a bounce off the upper line of the triangle, which implies a move to the downside.

What is more, the price at the same time bounced off the long-term up trendline (red) that was broken in September. As long as we stay below those two lines, there is no buy signal here yet but the price climbing back above those two would be a strong, long-term buy signal.

On the other hand, a price breaking the lower line of the triangle would be a strong bearish sign and an indication to go short. For now, we have to wait for the price action to mark the direction. The price being in the middle of the triangle is giving 50/50 chances and we need more than that to make a proper decision.

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