Nokia (NOK) has received back to back negative news that has caused the stock to experience some temporary volatility. Back taxes owed in India and patent infringement are the cause of the volatility.
On the daily chart above. NOK is in a 17 day consolidation level that runs from approximately 3.80 - 4.30. Having stayed at this level for this period has worked off some overbought reading.
The weekly chart above, illustrates a bullish cross (13 exponential over the 34 ) after close to two years of lower trending. The weekly chart looks good, and I would expect a move to around the 5.00 area for this trend to continue.
Bottom Line: We originally began buying NOK at the 2.60 level, and plan to hold the stock through 4th quarter earnings, and beyond, as long as the turn around story keeps improving. The charts look fine with the weekly chart experiencing a bullish cross. Thank you for reading.
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