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In the Premarket trading session on Monday, the stock was trading at 3.87- lower by 2.27% as compared to its previous close.
The company has rehired its former executive Pekka Lundmark to lead them and revive its faltering 5G business.
Lundmark, who replaced Rajeev Suri as Nokia chief executive will team up with Sari Baldauf. This move reunites two business professionals from the era when the company dominated the mobile handset business.
The leadership change at Nokia comes as uncertainty mounts over the future of Europe’s telecoms vendors, with rumors surfacing last week that the group could be set for a tie-up with more profitable Swedish peer Ericsson.
Nokia’s shares, which in October lost one third their value when the group admitted to some delays in its 5G development and issued a profit warning, were originally up 4% on the news but had dropped back to nearly flat.
Nokia halted dividend payouts after the October profit warning. While Huawei has suffered from U.S. authorities’ decision last May to blacklist the group, Nokia has struggled to capitalize on those restrictions.
On the technical front, the MACD histogram indicates strong bearish momentum. The 13-day EMA has crossed 26-days EMA which indicates strong bearish momentum in the market. The market is trading below storm resistance.
Overall Bias is Negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
TRADE SUGGESTION- SELL@ 3.85, STOPLOSS @ 4.00, TARGET@ 3.35