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Watch for Continued Losses in Shares of Nokia (NOK)

By Shiri Gupta

Nokia (NYSE:NOK) traded today at a new 52-week low of $4.31. This new low was reached on below average trading volume as 3.4 million shares traded hands, while the average 30-day volume is approximately 12 million shares.

Potential upside of 110.8% exists for Nokia, based on a current level of $4.33 and analysts' average consensus price target of $9.14. The stock should run into initial resistance at its 50-day moving average (MA) of $5.98 and subsequent resistance at its 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.

In the past 52 weeks, shares of Nokia have traded between the current low of $4.31 and a high of $7.63 and are now at $4.33. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 0.4%.

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 30.8%. 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