Nokia Sneaks Toward New Highs
Nokia has gone nowhere for more than a decade, but now the Finnish networking stock may be finding new life.
The first pattern on today’s chart is the symmetrical triangle that formed in August and September. NOK broke out of this range earlier this month. It proceeded to bounce above the triangle last week, turning old resistance into new support.
Second, the stock is now above its 50-day simple moving average (SMA), 100-day SMA and 21-day exponential moving average (EMA). That wasn’t true just three weeks ago, which suggests the intermediate-term trend has recently grown bullish.
Third, NOK was targeted in January’s meme-stock frenzy. That briefly pushed its shares above $9.50. But if you exclude the unusual moment, NOK’s close yesterday was its highest in almost three years. It’s pushing some longer-term peaks from several years ago. There was also price gap on February 1, 2016. Filling it could bring NOK back to $7.
Overall, NOK may resemble
Ford Motor a few months ago – another once-mighty name that had fallen from the limelight. However the fundamentals were improving with F as prices squeezed toward multiyear highs. Like F, NOK has showed signs of a turnaround as 5G orders flow in. Like F, it also struggled with chip shortages. Will it also climb a wall of worry as things return to normal?
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The first pattern on today’s chart is the symmetrical triangle that formed in August and September. NOK broke out of this range earlier this month. It proceeded to bounce above the triangle last week, turning old resistance into new support.
Second, the stock is now above its 50-day simple moving average (SMA), 100-day SMA and 21-day exponential moving average (EMA). That wasn’t true just three weeks ago, which suggests the intermediate-term trend has recently grown bullish.
Third, NOK was targeted in January’s meme-stock frenzy. That briefly pushed its shares above $9.50. But if you exclude the unusual moment, NOK’s close yesterday was its highest in almost three years. It’s pushing some longer-term peaks from several years ago. There was also price gap on February 1, 2016. Filling it could bring NOK back to $7.
Overall, NOK may resemble
Ford Motor a few months ago – another once-mighty name that had fallen from the limelight. However the fundamentals were improving with F as prices squeezed toward multiyear highs. Like F, NOK has showed signs of a turnaround as 5G orders flow in. Like F, it also struggled with chip shortages. Will it also climb a wall of worry as things return to normal?TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradingView is not affiliated with TradeStation Securities Inc. or its affiliates. TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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