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Nokia Corporation (NOK) “On a long-term technical basis, the stock (NOK) is trading above its 200-day moving average which generally implies it is in a positive trend.
The stock has support at 4.75 and 4.16. If the stock breaks down through support at 4.75 then it will probably continue lower to 4.16. The stock has resistance at 5.14. The 200-day moving average is at 3.90. This will also act as support. However, the stock has broken out of its long-term downtrend according to the fibonacci fan, which is significant. If the stock can form new support above 4.75 look for a rally to previous highs. The stock is extremely overbought according to the Stochastic Indicator (76.08), and turning down, which suggests a pause or possible pullback, especially if near resistance. Confirm this with the Short-Term and Daily Outlook to keep from exiting prematurely.”
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