NOK | Weekly "Trap Zone"
Updated
Hey all,
Nokia has been trading within a trap zone between it's 20- and 50-day MAs on a weekly time frame. This can be considered an accumulation zone, that has stretched since March to date.
The idea is that the stock seems to have found a historical bottom around March 2020, has been on a consistent uptrend since then (taking away the reddit-driven rally), MAs are finally looking bullish.
Not sure this would have the momentum to break through long term downtrend resistance though.
Any thoughts?
Good luck to all!
(*This is not financial advice, for sake of discussion and illustrative purposes only*)
Nokia has been trading within a trap zone between it's 20- and 50-day MAs on a weekly time frame. This can be considered an accumulation zone, that has stretched since March to date.
The idea is that the stock seems to have found a historical bottom around March 2020, has been on a consistent uptrend since then (taking away the reddit-driven rally), MAs are finally looking bullish.
Not sure this would have the momentum to break through long term downtrend resistance though.
Any thoughts?
Good luck to all!
(*This is not financial advice, for sake of discussion and illustrative purposes only*)
Note
Lovely pop above the trap zone! Full steam ahead for this stock now IMONote
The 4.30Euro resistance shelf is really holding on. I presume the stock will trade down to test dynamic support again around 3.50Euro before attempting a breakout.Note
Lovely price action from Nokia, popping above 4.30 resistance, which is now acting as support.Will be very interesting to see whether it can challenge and pop above the dynamic downtrend
Note
Amazing price action from Nokia! Will be looking to see whether it can stay above 4.6Eur / 4.7 Eur in the coming weeks
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