After Nokia's earnings I expected it to continue falling considering no profitability in the next quarters and no dividends as well. But seems like its starting to find the floor slowly and might bounce back to its upper Fibo levels.
Nokia right now is a pioneer is 5G hardware development (besides ericsson, china mobile to name a few) and this company isnt going anywhere considering 5G revolution is just around the corner and with more and more smartphones providing 5g tech and this becoming a mainstream, the stock will fly again.
I wont involve in this trading until I see the floor today, so just need to wait for around 3.0 levels. Maybe it doesnt reach this level considering the way it go smashed from 5.12 levels to 3.2 levels today(around 38% drop)
Buy Nokia at 3.0
Tp1 3.3 tp2 3.6
Not a short term trade and neither a long term hold.
@TRDRRRR, it seems to be rising a bit but i would still wait . for few reasons :
1. i dont think it has consolidated yet. Any small rally is getting sold and thus can lead to more downward movement.
2. Markets are at all time highs. When there is a overall correction in market, all stocks usually go down , and drag others down as well. Thus, i still believe 3 is the point of buy and not anything above
TRDRRRR
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@arungoten, any projections about long term plays with this stock. I kept from the big drop and thinking I made a horrible mistake, on the other hand, I don't want a 35% drop... thinking of compromising maybe at a 15 - 20% drop or even break even. But also thinking about how long it will take for this one.
arungoten
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@TRDRRRR, can't be really sure. I won't expect it to go back to 5 or something anytime soon. But with 5g going mainstream and Nokia being one of the best in business, it might retrace back to 3.6 in the short term. That's around 16% upside. Everything depends on the next earnings. So expect around a quarter or two for turnaround. 5g will be mainstream end of next year, when Apple gets into the 5g as well with its iPhone line.