Nokia shares (NYSE:NOK) have been bearish: they are
expected to dive further southward as confirmed by the technical analysis
signal below. Occasional rallies have been followed by further southward moves.
The market tempts the bull to think that the bearish era is over, only to
correct lower. It is like giving food to charity and adding some laxative to
it.
The price is currently below the EMA 21, preparing to
trend more southward. The Williams’ % Range period 20 is already in the
oversold region, showing the weakness of the stock. While there may be some
northward pulls, the shares would dive again.
Conclusion: The
price on Nokia may test the demand zones at 7.0 and 6.5 respectively. Avarice
and dread showcase the carefulness and euphoria on the trading instrument. That
is exactly what is happening in this market.
This forecast is ended with the quote below:
“Of the
new people who start trading today so many have no clue of the learning curve.
I mean this is a steep mountain. You’ve got to be willing to really, really go
through
a lot
of learning – and you learn by mistakes. You learn by getting sliced up by the
markets. You don’t come in, have a hot three months, and say, “Man, I’ve got it
figured out.” You learn when you realise, “Oh, I’ve been wrong eight trades in
a row, and now I’m getting another signal.” - Peter Brandt (Source: www.tradersonline-mag.com)
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Eye-opening trading lessons: Lessons from Expert Traders
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