Fisker shares closed lower with the broader market for the week as the company sent out Fisker Ocean One pre-order invite emails after hours on Friday.
The company made waves with the Fisker Ocean One last week. Fisker sent pre-order invites to a small sample group of Fisker Ocean reservation holders. The company did this after the market close on Friday.
Next week the company expands pre-ordering invite emails to the next wave of reservation holders. Maybe the company will issue a press release for this huge milestone on Tuesday?
Nevertheless, Fisker’s stock closed the week at $8.49/share down 6.86% on the week. This is compared to the Nasdaq composite, which finished the week down 4.13%.
What happened to Fisker shares last week
This week, we had a very tight range in Fisker shares. The stock traded a lot between the $9 to $9.50 level. However, once Fisker shares broke the low-end of the trading range it fell very fast. As we mentioned last week, this was expected based on our target of $8.50/share. Shares closed on Friday near this level as well.
In fact, we have broke the all-time low last month in June. This happened when Fisker shares printed $7.96, which shows that bears are still in control. They continue to push the price of Fisker shares to new lows.
On our daily chart, we can see Fisker shares are still making lower highs and lower lows. Unfortunately, this is bearish for Fisker shares. However, we also can see from May that we have started to slow down the pace of making major lows. Fisker shares are basing around low the $8 level.
You can see this in the chart with a triple bottom formation. This is bullish for Fisker shares. This is happening under a falling wedge formation (green lines), which is now due for a double digit target.
What to expect next week
Next week bulls needs to have strong momentum to take out $8.90, represented by the thin green line. This will allow shares to visit the bear camp of $9.70 with another attempt to close above it. This zone will not be broken easily. Fisker must come out with some super good news. That may be the only way to gap-up from this bear camp for a double digit price in July. Stock markets are closed for trading in the United States on Monday for the 4th of July holiday.
This guest blog post is written by @khaled_kayuae. He is a professional investor, swing trader, and chartist with a long position in Fisker ($FSR) shares.
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