Some days ago Meraj wrote about the earnings report from Nokia, which weren't as bad as I thought, but they were horrible from the analysts' view (as I said, what matters is the analysis from "those guys", and not just the report).
In the same day, I had a talk with Meraj, with Google Talk (they didn't paid me to say their name :D), and we were discussing those results and the consequent Gap Down on that day of more than 15%. I immediately told him that volatility was dominating the market, and a single report, news or even a word said by the administration of a company could make the stock move impressively.
If a report like this came last year, 2007 or 2006, the market reaction wouldn't be too drastic and the shares would continue their upper trend. But, today is today, and yesterday was yesterday and our trading system needs to adapt to every market conditions.
As I was saying, I told Meraj, that probably Nokia would close that big Gap but just after testing the minimums again. The shares done it, touching two more times on those lows. If you ask me: Is it sufficient? Should I buy strongly the shares? Should I believe on that tendency inverting figure (yes, the last candle shows that Nokia Shares can return to the upside)?
The answer is NO, or NOT AT ALL. If you are an aggressive investor, the best thing you can do is buy at the lowest price and put a "Stop-Loss" below 28,40, because below of that zone, the market is unpredictable, as 28,40 is a big and strong support. Also the volume is diminishing as the shares continue going down, which is good, meaning that the bears pressure is lower and the possibilities of going lower are few, as many traders don't maintain their short positions, mainly because of the Gap close possibility.
This isn't a trading advice, or something like that. It's up to you to decide if you buy or sell any stock mentioned.
Let's see what Motorola earnings will show to us at 24th April!
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