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Watch for Continued Losses in Shares of Nokia (NOK)

By Amy Schwartz

Nokia (NYSE:NOK) traded at a new 52-week low today of $5.23. This new low was reached on below average trading volume as 3.7 million shares traded hands, while the average 30-day volume is approximately 12 million shares.

Nokia share prices have moved between a 52-week high of $7.63 and the current low of $5.23 and are currently at $5.25 per share. The 200-day and 50-day moving averages have moved 0.29% lower and 0.39% lower over the past week, respectively.

Potential upside of 74.2% exists for Nokia, based on a current level of $5.25 and analysts' average consensus price target of $9.14. Nokia shares should first meet resistance at the 50-day moving average (MA) of $5.98 and find additional resistance at the 200-day MA of $6.62.

Nokia Corporation is a player in the mobile industry. The Company makes a range of mobile devices with services and software that enable people to experience music, navigation, video, television, imaging, games, business mobility and more. Nokia also provides equipment, solutions and services for communications networks.

SmarTrend recommended that its subscribers protect gains by selling shares of Nokia on February 1st, 2016 by issuing a Downtrend alert when the shares were trading at $6.34. Since that call, shares of Nokia have fallen 16.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows Nokia

Ticker(s): NOK