JNX

NOK breaks out major channel, next wk price actions critical

BATS:NOK   Nokia Corporation Sponsored
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Long: Major channel (green) breakout on daily and weekly chart. However, price now touches ceiling of new faster channel (yellow). will likely to test major channel top again at 4.58 -4.60 next week. If holds, then buy. Moving averages in perfect alignment an indication of strong long-term trend.

Short: Watch price actions closely next week to verify whether the current breakout is false or not. Reason for shorts: the latest strong quarterly result was due to low expectations, small base for Lumia phones therefore higher growth + Xmas seasonality .

Comments

agree with chart support/resistance lines
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New high but lower RSI compared to earlier peaks. Divergence?
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