Nokia's stock price bombed after its last earnings report. The drop was definitely justified given its change in outlook for 2020, but the 2021 outlook still looks good. In two years, I think we see $7 per share for this stock. It could happen sooner if Nokia starts to execute better. Short-term, I see bullish divergences that suggest momentum is coming back into the stock. The Reverse RSI indicator also flashed a buy signal.
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This is another decent "January effect" play.
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Nokia is at a resistance level. I am holding for January, but this is a decent exit for the short-to-medium-term trader who entered with me around $3.50. Respectable 6% return on this trade so far.
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After today's earnings forecast upgrade, I expect Nokia to see $4.50 per share within the year.
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Nokia is testing a critical resistance level. We are likely to see a small pullback, possibly followed by a breakout higher toward 4.50.