Nokia Corp. (Nokia (NOK)) shares took a hit Friday, dropping about 5% in premarket trading. The pullback comes after a massive multi-week rally that saw the stock surge over 208% in the past 12 months. Add in a new bond offering and a broader tech selloff, and you've got a recipe for profit-taking.

Nasdaq futures were down 1.15% Friday morning, while S&P 500 futures slipped 0.47%, adding to the pressure on Nokia shares.

Nokia Issues Senior Notes

Nokia announced Friday that it issued €500 million (roughly $581 million) of senior unsecured notes due in June 2032, carrying a fixed annual coupon of 3.625%. The company said it plans to use the proceeds for general corporate purposes, including refinancing its existing €500 million of 3.125% notes that mature in May 2028. Nokia has also applied to list the notes on Euronext Dublin.

Technical Analysis

Even with Friday's premarket drop, Nokia stock is still trading 6.3% above its 20-day simple moving average (SMA) of $14.74, 30.1% above its 50-day SMA of $12.04, and more than 100% above its 200-day SMA of $7.71. That "stack" of rising moving averages keeps the longer-term trend pointed up, and it's the main reason the bigger picture remains constructive despite a rough premarket print.

The golden cross that formed in October 2025—when the 50-day SMA crossed above the 200-day SMA—is still providing a tailwind for the longer-term trend. That's especially notable because the earlier death cross in August 2025 marked the prior downcycle. From a structural perspective, the stock is still below its 52-week high of $17.45, so the next upside leg likely needs a clean reclaim of that area to restart the breakout narrative.

For momentum, the MACD indicator is the cleaner lens right now. It's above its signal line, and the histogram is positive, which points to improving momentum compared to the prior downswing—even if the price is choppy day to day. In plain English, when MACD is above its signal line, it usually means selling pressure is easing and buyers are regaining control.

• Key Resistance: $17.45 — the 52-week high zone that caps the current uptrend's next breakout attempt.
• Key Support: $14.74 — the 20-day SMA area that often acts as the first "trend support" during pullbacks.

NOK Stock Price Activity: Nokia shares were down 5.29% at $15.74 during premarket trading on Friday, according to market data.