Nokia Is Breaking Out: Where's It Headed Next?

Nokia Corp. (NYSE: NOK) shares are trading higher Thursday and look to be breaking out of a technical pattern. Resistance in the pattern has been broken and Nokia is pushing higher. The stock was trending on social media sites throughout the day Thursday.

Nokia was up 2.30% at $6 Thursday afternoon at publication.

Nokia Daily Chart Analysis

• Shares look to be breaking out of what traders call a pennant pattern after being able to break above resistance. If able to hold above resistance the stock could see a further bullish push.
• The stock trades above both the 50-day moving average (green) and the 200-day moving average (blue). This indicates bullish sentiment and each of these moving averages may hold as an area of support in the future.
• The Relative Strength Index (RSI) has been climbing the past few days and sits at 60 on the indicator. This shows that more buyers are moving into the stock and there is more overall buying pressure than selling pressure since the beginning of the month.

What’s Next For Nokia?

Nokia is breaking out of a pattern and could be due to see a strong bullish push if volume can continue to enter into the stock. Bulls are looking to see the stock continue to climb after breaking out.

Bearish traders are looking for a drop back down below pattern support and below the moving averages. This could start a bearish trend and bring about bearish sentiment.

Photo: Courtesy Nokia