Nokia Stock Forecast

Nokia stock upgraded from Sell Candidate to Buy Candidate after Wednesday trading session.
(Updated on May 22, 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. 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 $3.88 and $3.64. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 19.70%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. 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 month Moving Average Convergence Divergence (MACD). 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

On the downside, the stock finds support just below today's level from accumulated volume at $3.67 and $3.58. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Nokia finds support just below today's level at $3.67. If this is broken, then the next support from accumulated volume will be at $3.58 and $3.33.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.0750 (1.93%) between high and low. For the last week, the stock has had daily average volatility of 1.53%.

Our recommended stop-loss: $3.81 (-3.56%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 80 days ago.)

Trading Expectations (NOK) For The Upcoming Trading Day Of Thursday 23rd

For the upcoming trading day on Thursday, 23rd we expect Nokia Corporation to open at $3.93, and during the day (based on 14 day Average True Range), to move between $3.87 and $4.03, which gives a possible trading interval of +/-$0.0831 (+/-2.10%) up or down from last closing price. If Nokia Corporation takes out the full calculated possible swing range there will be an estimated 4.21% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $3.67, some $0.280 (7.09%) from the current price of $3.95, our system finds the risk reward attractive.

Is Nokia Corporation stock A Buy?

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 stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.

Current score: 4.783 Buy Candidate Upgraded

Predicted Opening Price for Nokia Corporation of Thursday, May 23, 2024

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