Stock of the day NOKIA
23 February 2023
Let us offer a fresh take on NOKIA today whom we previously analyzed at the beginning of December. Back then, the price was in the middle of a symmetric triangle pattern and we were waiting for a breakout. This is what we stated in our previous piece:
“Regarding Nokia, we are currently in no man’s land, but the proper trading signal should be triggered really soon. The price is currently inside of a triangle pattern (blue) which highlights the latest sideways movement. Most recently, we had a bounce off the upper line of the triangle, which implies a move to the downside.”
NOKIA is still inside of the triangle pattern but this time, we are really close to the breakout! To put it simply, the price has no more space to move and eventually has to break one of the lines of the triangle. Interestingly enough, after the previous piece, the price did, in fact, go down, reaching the lower line of the triangle at the end of January.
Currently, the approach here stays the same as with any other triangle. The price breaking the upper black line will give us a signal to buy, while breaking the blue horizontal support will signal us to go short.