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Nokia Forecasts More Rapid Declines - Time to Go Short?

by: Zignals December 04, 2008 | about stocks: NOK

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More happy news, this time from Nokia (NOK):

HELSINKI [AFP] - Nokia (Xetra: 870737 - news) , the world's leading mobile phone maker, on Thursday lowered its outlook for the global cell phone market this year and offered a bleak forecast for 2009.
"The mobile device market slowdown has continued more rapidly than previously expected," Nokia said, adding that it "now estimates that fourth quarter 2008 industry mobile device volumes will be lower than the previous estimate (it gave last month) of approximately 330 million units."

Market participants look to have shrugged off the news as buyers unwilling to step in to halt the slide.

click to enlarge

There is a chance for bulls to break resistance from September highs through to December which can generate a push to €13.40 (larger declining channel resistance). One for short term traders.

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Nokia Forecasts More Rapid Declines - Time to Go Short?

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