SimonRasmussen
Short

Nokia testing lows in bearish flag formation

CHXEUR:NOKIAS   NOKIA OYJ
Nokia             has seen a very strong downtrend recently, which was stopped as price entered into what could be seen as a flag or triangle formation. The previous movement which I have traded myself has been very continous with minimal pullbacks and therefore few decisions to make.

If we can break the current low of the horizontal movements - around level 39 SEK             - there is further short potential. Possibly a break of this level could go to the price level of 35 SEK            

Note on previous price dynamics: as indicated with two ellipses price dynamic has been markedly predictable around key levels with a minimum of noise

Correction: It would appear I am only allowed to edit the text part, so will add image later with ellipses marked.
Comment: I am personally in a position from last week. New entries would probably best be entered into after a bar close on 15M timeframe significantly below the spike to 39.07 SEK.
From the morning price has fallen sharply after breaking the formation last night. Still a lot of momentum in the stock.
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As the swedish exchange closed, price broke out of the horizontal formation. I consider new entries to be relevant at this point.
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