We are ready for the Fisker Ocean to make some big waves at the Paris Auto Show with a full visual reveal of a production intent vehicle.
Today, in France, the Paris Auto Show gets under way. We’re 31 days away from the official start of production. Things are about to get gnarly with the Fisker Ocean. It will be exactly 1-year from when Fisker announced, at the Los Angeles Auto Show, their intention to begin manufacturing the Fisker Ocean One on November 17, 2022. Again this week, Fisker reaffirmed they are still on track to start building sellable vehicles next month.
We couldn’t be any more stoked for early Fisker Ocean supporters. Soon they will have their limited edition launch vehicles rolling off the high volume assembly line at Magna Steyr. However, this isn’t the only thing we’re amped up about. If you’ve been following along, you know the Fisker Ocean will be on display at the Paris Auto Show this week. It’s not just any electric SUV either. Get ready for the outside break. It’s coming…
Big Waves Are About to Break
Fisker is going to showcase a production intent Ocean Extreme at the Paris Auto Show later today. In fact, the electric SUV that just rolled off the assembly line is already in Paris. There will be a lot of reveals this week. Fisker will be showing us more of the user interface at the 124th annual motor show. Fisker is going to really show off the all-electric Fisker Ocean SUV this week. The company is set to make waves with the Fisker Ocean.
The swell has been building for a long time with the Fisker Ocean. We’re ready for a nice set of waves to break. Get ready to ride some barrels! Once the doors open at the Paris Auto Show, we are going to get a few big reveals from the latest Fisker Ocean that’s on display. The vehicle in Paris is just like the one you have either pre-ordered or reserved. This is it! We’re going to see a final version of the interior and exterior features — everything visual will be revealed this week!
Fisker Is Not the Stock
Earlier in the week we talked about Fisker stock. We reminded viewers the stock is not the company and the company is not the stock. It was actually something Jeff Bezos use to tell employees during all-hands meetings. That said, Fisker the company is likely disconnected from where the stock is trading today, especially with the set of waves approaching the line up.
This week, Fisker shares closed down around -12.5%. The entire EV sector broke down this week. Rivian was off by -15.43%, Tesla dropped -8.07%, and Lucid fell -9.64%. All of this while the S&P 500 Index dipped -1.53% to 3,583 and NASDAQ Composite Index sunk -3.11% to 10,321. It was a rough week on Wall Street.
This is the 4th week in a row Fisker shares made an all-time low. As the saying goes, the trend is your friend. The entire EV sector is leading this drop. It has nothing to do specifically with Fisker. The only question is when the downtrend will stop and begin to reverse.
This week, Fisker stock opened at $7.38/share. The stock did not make any highs, which is called a break down candle. This will become a target in the future. After making an all-time low of at $6.41/share, bulls managed to bounce it back to 61.8% Fibonacci level. However, bears were so aggressive and managed to take it all the way back.
What We Expect Next Week
Overall, the general stock market index still shows signs of life. It held its support level nicely on the weekly chart. It’s possible that it will push for new highs next week.
It appears the stock market may have already found a bottom and will stay above it even while some stock market technicians are calling for 3,400, 3,250, and 3,000 on the S&P 500 index.
Fisker shares will likely re-rest the all-time low. This is because the stock closed near the low of the day. Any close below the all-time low of $6.41/share could spike the stock down again for another all-time low in the low $6/share level.
As for Fisker, any great news out of the Paris Auto Show or fundamental updates could keep the stock price firm. This could help shares push to the target above $7/share again. Who’s ready to catch a wave?
Stock chart analysis provided by @khaled_kayuae. He is a professional investor, swing trader, and chartist with a long position in Fisker ($FSR) shares.
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