Nokia (NOK) stock traded at $8.44 on Wednesday, down 5.54% intraday, after sellers pushed the price to the 0.786 Fibonacci retracement at $8.50.
It is the last major support above the January low of $6.06
The drop extends Tuesday’s 5.6% slide and deepens a decline that started at the June peak of $17.45. NOK has lost roughly 52% of its value in less than two months. Why Nokia Stock Is Falling Again This Week Part of this week’s weakness was mechanical.
Tuesday, July 28, was the ex-dividend date for Nokia’s quarterly dividend of 0.04 euros per share, which will be paid on August 6. However, the adjustment explains only about 0.5% of the move. The rest reflects profit-taking that has continued since last week’s post-earnings breakdown, when investors sold the memory shortage outlook rather than the strong quarter.