NOK had a good day Friday (2/24), up 4.7% with huge
volume on news to be announced next Monday. S&P 500
index was up 0.2% today. QQQ was up 0.3%.
Since I last wrote about NOK on 12/26/2011, NOK has traded
in a range between $4.90 and $5.80 area most of the
time. One encourging sign during this period is there were
many gaps, but NOK was able to fill those gaps and
broke above the range with today’s high of $5.87, above
the previous high of $5.78 on 1/19.
The following daily chart shows NOK has been stronger than
the broader market SPX since 2/14 (green dots on the second
pane) and started an uptrend on 2/17 (green up bar on first
pane). It also shows NOK finally came up and touched the
downtrend channel on 2/21 and broke above the channel
A small uptrend channel was drawn today, based on 12/19/2011
low. This is the uptrend NOK may follow and is worth while
to pay attention to.
Momentum, volatility, and volume on the daily chart have also
gone up recently.
The following weekly chart shows NOK outperformed market
S&P 500 index this week for the first time since the week of 11/21/2011. Momentum and volatily on the weekly chart are also turning up, but volume is about the same as last week.However,
the weekly trend has not turned up yet. It is in a neutral with
down bias state (yellow down bars), signaling NOK is still in a
down/trading range for intermediate terms.
It appears NOK is trying to turn around and the low of
$4.46 made on 12/19/2011 may even be the low for several
months to come.
Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in NOK over the next 72 hours.
- None Found