Fisker Ocean Has Landed, Stock Beats Market This Week

Fisker Ocean South Hampton New York

Fisker Ocean arrives in New York for its East Coast debut while Fisker shares end the week up fractionally.

Today, the Fisker Ocean has landed in New York for the very first time. Yeah, we’re talking about the stock in this article. You probably thought we were going to talk about Fisker shares “mooning”. However, there is likely a correlation between the Ocean’s East Coast debut and the out-performance of Fisker shares. We are now one week closer to the official start of production for Fisker Ocean on November 17th of this year.

Fisker Ocean New York
Shot of the Fisker Ocean logo taken in the Hamptons.

Currently, the world’s most sustainable vehicle is in the Hamptons. Tonight, it will be headed to the invitation-only Milken Institute event to help raise awareness and money for the Prostate Cancer Foundation. Then, it will head to Brooklyn’s Domino Park on Sunday for viewing. This East Coast debut comes when the stock handily beat the broader stock market this week.

Fisker’s stock closed at $9.00/share for the week in what was a rollercoaster ride. The broader stock market got slammed this week. This was due to the hawkish and aggressive tone taken by Federal Reserve Chairman Jerome Powell. Powell warned investors of some pain ahead as the Federal Reserve continues to fight inflation. Investors sold off most everything, except for Fisker shares this week.

The NASDAQ Composite Index ended the week down roughly -4.44% with Friday trading taking the biggest toll on the market. Fisker shares managed to escape the carnage this week closing up $0.07 or 0.78% on the week. Much better than ending at the weekly lows like the overall market. The only thing we can attribute this out-performance to is the Fisker Ocean’s East Coast debut. Maybe Fisker shares have finally found a solid investor base even with such a significant short interest?

What happened to Fisker shares this week

Fisker shares opened at $8.83 this week. The stock dropped to make a weekly low of $8.32. We discussed the possibility of this happening last week.

Bulls were ready to load the boat. They pushed Fisker shares back fast through $8.85. The stock made a high of $9.16/share. With a healthy pull back today, the stock found strong support at $8.83/share.

Fisker shares managed to close with a nice bullish formation of a hammer on the weekly candle. If Fisker stock can close the week above $9.16/share next week, we can call a bottom of $8.32/share from this past week.

What to expect next week

We have completed 20 weeks from a swing high of $14.74/share to a swing low. According to the textbooks, the correction is over. The textbook says anything between 20-25 candles.

We expect Fisker shares to trade in a range next week from $8.50s to low $10s. This is our long awaited target. However, Fisker shares need to hold the $8.50/share zone. We will have some resistance around the levels of $9.44 and $9.70s. That is until we cross $9.90 to reach our target share price.

Bears will fight hard and the $10s will be rejected at the first attempt if Fisker bulls do not show strong momentum. Technical analysis will be void if we see any close below the $8.50 zone next week.

This guest article 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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