Here’s where to buy Nokia stock as it is attracting high volume again

By: Michael Harris
Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to… read more.
on Feb 1, 2021
  • Shares of Nokia have recorded the highest trading volume on Monday so far
  • The Nokia stock price closed 16.91% higher last week
  • Nokia stock is bullish in the near-term as buyers will continue to target the 200-WMA at EUR4.40

Shares of Nokia (EPA: NOKIA) are trading about 2% higher on the day as trading volume is on the pace to values observed during the last week, except Friday. 

Fundamental analysis: ‘Difficult to believe’ the short squeeze was purely fueled by retail investors

Nokia found itself on the list of stocks that Wallstreetbets investors sent in stratosphere last week. According to TradingView data, shares of Nokia have recorded the highest trading volume on Monday so far, by far. 

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Nokia’s trading volume is over $360 million so far, which is more than double from the second-placed Apple with $172 million. 

Elsewhere, analysts continue to be perplexed by developments from the last week. According to Bart Zhou Yueshen, assistant professor of finance at INSEAD, it took more than buying from retail investors to short squeeze hedge funds. 

“Given the amount of trading volume last week we saw, it is just hard for me to believe it was only these retail investors who were trying to push the squeeze,” Zhou told CNBC.

“It is also very difficult to believe that in this short squeeze, the buy side is completely driven by the retail and there is no institutions jumping in. Institutions are not dumb right? They look at these short-squeeze opportunities, they can definitely go in there.”

According to Zhou, regulators are now facing a serious task as questions are asked whether the trading activity of this type is tied to market manipulation.

Technical analysis: 18-month highs seen

The Nokia stock price closed 16.91% higher last week as it traded over 40% higher at one point. The last week’s high of EUR4.95 represents the highest stock traded since July 2019.

Nokia daily chart (TradingView)

More importantly for buyers of Nokia shares, the weekly close took place above the short-term resistance area around EUR3.80. Hence, as long as the price action trades above EUR 3.85, Nokia stock is bullish in the near-term as buyers will continue to target the 200-WMA at EUR4.40.

Summary

Nokia stock is attracting high volume in pre-open Monday after it gained nearly 17% last week.

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