NOK dominated by bulls lifting the market higher throughout the day


Nokia Corporation Sponsored American Depositary Shares (NOK) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

NOK breaks above 20-day moving average for the first time since February 26th
NOK dominated by bulls lifting the market higher throughout the day
NOK closes higher for the 3rd day in a row

Overview

Moving higher for the 3rd day in a row, NOK finished Thursday at 3.15 gaining $0.08 (2.61%), strongly underperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session.

Daily Candlestick Chart (NOK as at Mar 26, 2020):

Daily technical analysis candlestick chart for Nokia Corporation Sponsored American Depositary Shares (NOK) as at Mar 26, 2020

Thursday's trading range has been $0.14 (4.59%), that's below the last trading month's daily average range of $0.19. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NOK.

One bullish candlestick pattern matches today's price action, the White Candle.

The market managed to close above the 20-day moving average at 3.11 for the first time since February 26th. When this moving average was crossed above the last time on February 26th, NOK actually lost -4.58% on the following trading day.

While the share is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for Nokia. Out of 235 times, NOK closed lower 53.19% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 56.60% with an average market move of -0.34%.


Market Conditions for NOK as at Mar 26, 2020

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