Evaluation of Nokia Corporation stock downgraded after the last trading session.StockInvest.us, 3 months ago
The Nokia Corporation stock price gained 0.55% on the last trading day (Thursday, 3rd Jun 2021), rising from $5.45 to $5.48. , and has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the day the stock fluctuated 5.08% from a day low at $5.41 to a day high of $5.69. The price has risen in 6 of the last 10 days and is up by 10.93% over the past 2 weeks. Volume fell on the last day by -18 million shares and in total, 100 million shares were bought and sold for approximately $546.82 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Northland Securities is very positive about NOK and gave it a "Buy" rating on July 14, 2020. The price target was set to $6.00.Over the last 30 days, this security got 2 buy, 0 sell, and 1 hold ratings.
The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $5.57 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 34.48% during the next 3 months and, with a 90% probability hold a price between $6.79 and $7.49 at the end of this 3-month period.
The Nokia Corporation stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $5.19 and $4.75. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, May 12, 2021, and so far it has risen 16.35%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 months Moving Average Convergence Divergence (MACD).
Nokia Corporation finds support from accumulated volume at $5.45 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.27 between high and low, or 5.08%. For the last week, the stock has had a daily average volatility of 3.74%.
The Nokia Corporation stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.Since the Nokia Corporation has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Nokia Corporation stock to perform well in the short-term.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy Candidate to a Buy Candidate candidate.Check full Nokia Corporation forecast and analysis here.