Nokia Shares Extend Three-Day Rally to Reclaim $8, Poised to Gain Over 10% in Near Term

TradingKey - On November 10 Eastern Time, shares of Nokia (NOK) rose 0.86% to close at $8.25, after touching an intraday high of $8.39, with trading volume of approximately 57.26 million shares. Previously, on November 5, NOK plunged 9.69% in a single day to hit a low of $7.36, followed by a three-day rebound that gained roughly 12% from its recent low. In the latest overnight trading, the stock rose further to near $8.50, improving its short-term technical posture, though it has yet to fully break out of its medium-term corrective structure.

The recent sustained rebound in Nokia's share price has been driven primarily by a broader recovery in tech stocks, a technical bounce following prior oversold conditions, and expectations of growth in its AI business. On November 9, NOK's U.S. ADR gained 6.79% to $8.18, marking its second straight session of gains and outperforming the broader market over the same period.

From a fundamental perspective, the company's third-quarter revenue from AI and cloud customers surged 123% year-over-year, with related order intake reaching €1.5 billion, up 118% year-over-year, indicating that AI data center construction is generating fresh demand for its optical communications and IP networks businesses. In addition, Moody's recently upgraded Nokia's long-term credit rating from Ba1 to an investment-grade Baa3 while maintaining a positive outlook, which has also provided support for market confidence.

Nokia Daily Stock Chart, Source: TradingView

Looking at Nokia's daily stock chart, shares have rebounded for three consecutive trading sessions following November 5 and have now reclaimed the 5-day moving average. Meanwhile, the stock climbed above $8.50 in after-hours trading during the previous session. If today's open extends this momentum, the stock will climb back above its 10-day moving average, repairing its short-term bullish structure and setting the stage for further upside in the near term.

At present, if today's open extends Wednesday's after-hours momentum, the stock will break through the key resistance level of $8.40, further strengthening short-term bullish momentum. This would open up room for a rally toward the October 29 rebound high of $9.39—representing an upside of more than 14% from the latest price—with the next resistance level overhead at $9.65.

On the downside, the primary support zone to watch is the $7.90–$8.00 range. If the stock falls below $7.90, it may continue downward to test its recent low of $7.36, and further down, it could potentially test $7.00.