Nokia Approaches Long Term Trend Line Following Margin Erosion

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Nokia is down nearly 10% in pre-market following it's disappointing margin announcement for it's core business, Nokia Networks. The stock has established a long term double bottom, is in a long term uptrend, and the 23.6% fib retracement level from its 2000 high to its 2012 low is at $16. Nokia need to hold the long term monthly uptrend for a continuation towards the 23.6% fib retracement level.