Stock of the day: NOKIA
20 October 2023
In the world of tech, Nokia's recent performance on the charts stands out - and not in the way that investors would hope. Beginning in April, the company encountered its first obstacle. It was during this period that Nokia's price broke free from the confines of the symmetric triangle pattern, unfortunately heading south. But that wasn’t the end of it.
By July, a small wedge had formed, outlined with green lines. Historically, such patterns can go either way. For Nokia, however, it was yet another descent, as the price once again took a downturn. As if to follow a grim pattern, October brought with it another wedge. Highlighted this time with blue lines, the outcome was predictably bearish. With the stock's value diminishing nearly every day of the month, the once tech giant now seems like a fading star.
At this juncture, optimism for Nokia is in short supply. As much as traders and investors pore over the charts, no bullish indicators seem to be in sight. Given the recent trends and technical formations, one could argue that further descent is not just likely but almost certain for the Finnish company. Only time will tell if and when the company can turn its fortunes around. But for now, caution seems to be the best approach for those watching Nokia's stock.