Nokia a long-term recovery play
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.