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Possible Bearish Inside Day Candle Pattern Detected for Nokia (NYSE:NOK)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Nokia (NYSE:NOK) based on the price action in the company's shares. Today's price range of $5.63 and $5.68 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Nokia may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Nokia share prices have moved between a 52-week high of $7.63 and a 52-week low of $5.01 and are now trading 13% above that low price at $5.67 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has slid 0.3%.

Potential upside of 61.2% exists for Nokia, based on a current level of $5.67 and analysts' average consensus price target of $9.14. The stock should run into initial resistance at its 50-day moving average (MA) of $5.98 and subsequent resistance at its 200-day MA of $6.62.

Nokia Corporation is a player in the mobile industry. The Company makes a range of mobile devices with services and software that enable people to experience music, navigation, video, television, imaging, games, business mobility and more. Nokia also provides equipment, solutions and services for communications networks.

SmarTrend recommended that its subscribers protect gains by selling shares of Nokia on February 1st, 2016 by issuing a Downtrend alert when the shares were trading at $6.34. Since that call, shares of Nokia have fallen 10.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle Nokia

Ticker(s): NOK