NOK - Make or break Level now being traded
Can it rebound from a fundamental or technical standpoint?
Our analysis shows what the trader/investor community values NOK at this point in time: basically $2.00. In a situation like this there are always those who are seeking to buy at bargain prices expecting at least a bounce, and there are always those seeking to sell a stock that they believe will ultimately end up in bankruptcy. Which is NOK?
Taken by itself, the technical pattern on the chart is a classic bottom with a follow through support at the first real pullback. Many unexpected huge moves have resulted from this pattern over the years. A factor in NOK's favor on the long side is the price action at the LT Swing Long entry range. It has been very aggressively bought immediately upon reaching the entry range and the Intraday Long has been bought at both tests of the entry range.
We have identified the LT Swing Long, Short Term Short, and the Intraday Long on the chart are are showing the 1st targets for the latter two setups.
Keep in mind that although this published chart is on a 60 min time-frame, the levels shown are Weekly Chart levels and must be traded as such. Being such a low-priced stock is a factor in NOk favor for scalpers and Day traders, and we can be certain that there will be buyers at most long setups from this time forward until the LT Swing Long is definitively broken or reaches its' targets, which are not shown at this time.
The are also drawn on the Weekly chart and as is always true when a stock is attempting to form a bottom, the will not be overcome without some strong catalyst in favor of an upswing.