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

By David Diaz

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. Yesterday's price range of $5.88 and $5.96 is within the prior day'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 closed yesterday at 4% above that low price at $5.93 per share. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has remained constant.

There is potential upside of 54.1% for shares of Nokia based on a current price of $5.93 and an average consensus analyst price target of $9.14. The stock should run into initial resistance at its 50-day moving average (MA) of $6.00 and subsequent resistance at its 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 am inside day candle Nokia

Ticker(s): NOK