Nokia Bulls Have One Level Left to Defend After 52% Crash From June Peak

Nokia Bulls Have One Level Left to Defend After 52% Crash From June Peak

Jakub Dziadkowiec

Thu, July 30, 2026 at 5:32 PM GMT+3 3 min read

• NOK +8.44%

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.

Analysts have also started trimming expectations. On July 27, Deutsche Bank lowered its Nokia price target to 11.50 euros from 13.50 euros, while keeping a Buy rating on the shares.

Meanwhile, the sector backdrop remains heavy. Intel dropped 11% after an earnings beat, and profit-taking spread across AI hardware names. Nokia now falls with the sector rather than on company-specific news alone.

NOK Price Analysis Shows Bulls Defending the $8.50 Level

On the daily chart, the Fibonacci retracement drawn from the January low of $6.06 to the June top of $17.45 still maps the decline. The June peak ended a months-long rally fueled by AI and cloud demand.

NOK lost the 0.618 golden pocket at $10.41 last week, and a large spike in volume accompanied the breakdown. Such volume signals conviction among sellers, which favors trend continuation.

The slide has now reached the 0.786 retracement at exactly $8.50. This is the bulls' final line of defense, and they must step in immediately to hold it.

The Visible Range Volume Profile (VRVP) adds weight to both levels. Its two largest volume nodes sit near $10.41 and $8.50, so these zones will likely act as resistance and support over the coming days or weeks.

Nokia RSI at 27 Gives Bulls No Divergence to Lean On

The daily Relative Strength Index (RSI) reads 27, below the oversold threshold at 30. Historically, such depressed readings can produce short-term bounces, as other beaten-down names showed during this earnings week.

However, there is no sign of a bullish divergence yet. The indicator keeps printing lower lows together with the price, so momentum still favors the sellers.

If NOK loses $8.50 on a daily close, the next support zone sits at the $6.06 anchor low, roughly 28% below Wednesday's price. In contrast, a daily close back above $10.41 would invalidate the bearish outlook.

Until then, the market decides between a defended floor at $8.50 and a full retest of $6.06.

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Read the Original story Nokia Bulls Have One Level Left to Defend After 52% Crash From June Peak by Jakub Dziadkowiec at beincrypto.com