Nokia Corp. (NYSE:NOK) stock fell nearly 3% on Friday as investors locked in gains following the stock’s sharp rally in the previous session. The Nasdaq was little changed, while the S&P 500 rose 0.17%.
The decline follows Thursday’s 8.7% jump after Nokia announced a military-grade 5G and defense partnership with NestAI. Friday’s pullback appears to reflect profit-taking rather than a broader market shift.
Nokia Technical Analysis
Nokia remains in a long-term uptrend despite recent weakness. The stock trades about 11% above its 100-day simple moving average of $11.32 and roughly 43% above its 200-day simple moving average of $8.79.
However, the near-term trend has weakened. Shares are about 5.9% below the 20-day simple moving average of $13.35 and 9.8% below the 50-day simple moving average of $13.93.
The technical setup is mixed. The 20-day moving average sits below the 50-day moving average, signaling short-term weakness. At the same time, the 50-day average remains above the 200-day average, preserving the longer-term bullish trend.
Momentum indicators also remain cautious. The MACD is below its signal line, and the histogram remains negative, suggesting buying momentum has cooled.
Traders are watching resistance near $13.04, around the 50-day exponential moving average. Initial support sits near $11.68, close to the 100-day exponential moving average.
Earnings And Analyst Outlook
Nokia is scheduled to report second-quarter results on July 23.
Wall Street expects earnings of 7 cents per share, up from 4 cents a year earlier. Revenue is projected at $5.59 billion, compared with $5.15 billion in the prior-year quarter.
The stock carries a consensus Buy rating with an average analyst price forecast of $14.67. Recent analyst actions include:
- JPMorgan: Maintained Overweight and raised its price forecast to $21 on June 12.
- Argus Research: Upgraded the stock to Buy with a $15 price forecast on April 27.
- Morgan Stanley: Initiated coverage with Overweight and an $8 price forecast on February 9.
Nokia Price Action
NOK Stock Price Activity: Nokia shares were down 2.57% at $12.50 at the time of publication on Friday, according to Benzinga Pro data.
Photo by Mercurious via Shutterstock
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