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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Nokia (NYSE:NOK) based on the price action in the company's shares. Today's price range of $5.88 and $5.94 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. Traders and investors interested in shares of Nokia may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Nokia share prices have moved between a 52-week high of $7.73 and a 52-week low of $5.71 and are now trading 4% above that low price at $5.93 per share. The 200-day and 50-day moving averages have moved 0.27% lower and 0.11% lower over the past week, respectively.

Nokia (NYSE:NOK) has potential upside of 54.0% based on a current price of $5.93 and analysts' consensus price target of $9.14. Nokia shares should first meet resistance at the 50-day moving average (MA) of $6.00 and find additional resistance at the 200-day MA of $6.64.

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 7.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Nokia

Ticker(s): NOK