Nokia Shares Stumble As Company Unable To Dial Profits

On Tuesday, Nokia Corporation announced its Q1 2016 earnings report. The company released adjusted EPS of $0.03. The reported earnings were half of the $0.06 EPS in the same period last year. This disappointing decline is explained by lower demand in mobile network equipment and its incomplete acquisition of Alcatel-Lucent. On the H1 chart, NOK plunged to as low as 5.31. RSI remains strongly bearish at 23.85 after hitting oversold levels. The stock is likely to keep heading down to test the support at 5.25.

Trade suggestion

Sell at 5.31, SL at 5.36, TP at 5.25

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