Nokia Looking at the Abyss

Published on Friday, 06 July 2012 12:34 Written by TradersHuddle Wire

New York, July 6th (TradersHuddle.com) - Shares of Nokia Corporation (NYSE:NOK) booked a new 52 week low by trading below $2. Traders are definitely monitoring Nokia's price action to see if this move attracts further selling, or if this last push down sets a tradable bottom in the stock.

Nokia Corporation (NYSE:NOK) manufactures and sells mobile devices, and provides Internet and digital mapping and navigation services worldwide. The Finland based company is the largest mobile phone maker in the world. Additionally the company provides equipment, solutions and services for communications networks.

Nokia is currently trading -3.87% versus its previous trading session close, and it has calculated support and resistance at $2.04 and $2.58 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading lower by -1.32% from its previous trading close, which means that Nokia stock is underperforming the overall market.