The Nokia stock, listed on the NYSE exchange (NYSE: NOK), and its trading activity reminds more of a roller coaster ride. Once a major telecommunications giant, now it continues to battle other major rivals in order to at least stay afloat. Looking at Nokia’s stock from the technical side, we can see that after January 30th, when the share price started depreciating, the stock briefly broke below the medium-term upside support line, taken from the low of October 11th, and then quickly got back above it. We will take a cautiously-bullish approach for now, because even though NOK got back above its upside line, it is still balancing slightly below the 200 EMA.
If we see the stock pushing above the 5.9455 barrier and traveling above the 200 EMA on the 4-hour chart, more investors could see an opportunity for NOK to travel to its next potential resistance zone, at 6.0089, marked by the high of March 22nd. There could be a chance to see the share price sliding back down to the aforementioned medium-term upside line, which if remains intact, could be a good bouncing ground again for NOK. More investors could then join in and lift the share price above the 6.0089 obstacle, in order to allow the stock to continue with its journey further north, perhaps aiming for the 6.1306 level, defined by the low of March 13th.
Taking a quick look at our oscillators, the RSI and MACD, both have bottomed at the end of March and since then, keep on pushing higher. The RSI is just fractionally below 50, but the MACD, even though below zero, is above its trigger line and points higher.
On the other hand, a break back below the previously-mentioned upside line could spook investors again and allow the stock to slide towards the 5.7578 hurdle, marked by the low of March 22nd. If that area fails to withhold the price depreciation, then a further decline could bring the stock a bit lower, where it may find support near the 5.6600 zone, marked by the low of March 28th.
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