Let’s review the daily stock chart of Fisker after seeing shares close down $1.41 (-12.79%) at $9.61 on the day.
Sometimes it feels like we’re riding a big wave. Today, was one of those days. We saw major selling pressure after this morning announcement of Fisker launching an at-the-market offering of $350 million. Typically, we do weekly stock chart analysis, but today is a good day to provide a stock chart update. At one point Fisker shares were down 20% on the day. The stock began to recover at the end of the day. Shares closed down $1.41 (-12.79%) at $9.61/share.
Currently, the daily chart shows we had a huge gap down day. We dropped below our demand zone. Then bulls immediately protected it and managed and closed above it. Fisker shares also closed above the Fibonacci retracement level of 61.8% from our last move of $8.05 to $11.58. That in of itself a great sign.
What to expect next…
Usually stocks tend to close gaps. This gap at $11/share is now on the radar. Since our daily average true range (ATR) is around .6, we need a couple of days to reach our $10.80 / $11 zone. We are still in the large formation of a falling wedge, which on break of any of these RED line angles, we could have a huge movement in the share price.
Fisker had two major gaps earlier from last week including $9.81 and $9.37. And, guess where the stock closed at today? Usually, these gaps act as support and resistance. We shall monitor Fisker’s share price in the coming days and this week’s close will be really interesting…
This guest blog post is written by @khaled_kayuae. He is a professional investor, swing trader, and chartist with a long position in Fisker ($FSR) shares.
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