Nokia (NOK) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, NOK broke out above the 50-day moving average, suggesting a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it’s the first marker of an up or down trend.
Over the past four weeks, NOK has gained 6.8%. The company is currently ranked a Zacks Rank #2 (Buy), another strong indication the stock could move even higher.
The bullish case solidifies once investors consider NOK’s positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 1 higher, while the consensus estimate has increased too.
Investors should think about putting NOK on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
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