MarcelMartins
Long

Nokia - The old indestructible phone, on support zone?

NYSE:NOK   NOKIA OYJ ADR EACH REPR 1 ORD NPV
Good week everyone!

NOK opened on friday with a 4% big gap down just over the 200 daily sma and weekly 50ema, and so far rejected it.

Overall the stock is on a uptrend channel as we can see on right chart.

Now what really draw me attention is the huge volume on friday, way over average, is that just panic? someone was buying there right?


Now i'd not buy outright, i wanna keep an eye on the price behaviour next few days to be sure that will be no more frenzy seeling panic, if price manages to stay above daily 200sma therefore we can have a good buy opportunity targeting just below weekly 200sma.


As far we can see the selling waves has not to much volume right now, there is lack of interest on short this stock right now which is a good confluence for long here.


And RSI is almost oversold, just another small confluence for saying.



This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Comment: Price still over support zone, but there is not strong reversion signals, yet.
Comment: Support is holding but still there is no clear signal of strenght , just waiting for now.
Comment: Price is trying to break support but there is not that much volume, it does worth watch the P.A next week, have a great weekend.
Comment: Too much indecision but price action is more bullish than bearish so far, slighty...

What i mean is, there is no much interest for selling this stock on this region so far.

Comments

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