Nokia Stock Forecast

Red day on Wednesday for Nokia stock after losing 0.82%
(Updated on Apr 24, 2024)

NOK Signals & Forecast

The Nokia stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $3.52 and $3.54. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, April 22, 2024, and so far it has fallen -1.08%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. The stock had a Golden Star Signal on Wednesday, February 28, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Nokia stock

Nokia finds support from accumulated volume at $3.58 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 $0.0500 between high and low, or 1.38%. For the last week, the stock has had daily average volatility of 2.49%.

Our recommended stop-loss: $3.50 (-4.21%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 2 days ago.)

Trading Expectations (NOK) For The Upcoming Trading Day Of Thursday 25th

For the upcoming trading day on Thursday, 25th we expect Nokia Corporation to open at $3.65, and during the day (based on 14 day Average True Range), to move between $3.56 and $3.74, which gives a possible trading interval of +/-$0.0894 (+/-2.45%) up or down from last closing price. If Nokia Corporation takes out the full calculated possible swing range there will be an estimated 4.90% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $3.67 (0.55%) than the support at $3.58 (1.92%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Nokia Corporation stock A Buy?

Nokia holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.803 Hold/Accumulate Unchanged

Predicted Opening Price for Nokia Corporation of Thursday, April 25, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.