Potentially more downside as both indicators suggest a bearish approach. Although, the earnings report today could have an influence.

The multinational telecommunications company is expected to report its earnings by COP today. From a technical aspect, its current shares are trading at €4.50. Towards the upside, the first resistance sits at €4.65 followed by a major resistance level at €4.85. A break above the major resistance could see the share price rise towards the €5.18-€5.20 price range. However, a weak earnings report could see Nokia's share price plummet. Therefore, towards the downside, the first support sits at €4.44 followed by a further support base at €4.31. A break below the support base could see the stock's share price fall towards the major support level at €4.11, which is where the lower trendline of the channel sits. Looking at the indicators, MACD is slightly positive but heading in the negative direction and RSI reads 41. Both suggest a bearish approach.