Stock market indices sharply lower this week including Fisker stock, but shares caught a bid Friday after new report of its India ambitions.
Today, we learned about a new report out of Reuters detailing Fisker’s ambitions for entering the India market. Much of the report is consistent with what Henrik said during the fireside chat at the Cowen Investor Conference.
The report quoted Henrik Fisker stating the company’s plans to launch its brand in India by importing and selling the Fisker Ocean in July of next year. It stated that Fisker is looking for commercial space for its Lounge experience centers in the country. Reportedly, Fisker is in talks with auto part makers as it considers local production. However, local production wouldn’t occur until 2026.
“India will go full electric. It may not go as fast as the U.S., China or Europe, but we want to be one of the first ones to come in here. Ultimately, if you want to have somewhat of a larger volume in India, you almost have to start building a vehicle here or at least do some assembly. If we can get that vehicle just below $20,000 locally in India, that would be ideal. Then I think we’ll get to a certain volume and market share. Already we are starting to build some relationships.”Henrik Fisker, Chairman & CEO, Fisker, Inc.
This Reuters report was the single reason why Fisker shares managed to stop the downward trend on Friday while the broader stock market continued to decline. Fisker shares bucked the trend on Friday closing up 0.50% to $7.99/share. However, Fisker shares were beaten up most of the week, falling 10.63% even with Friday’s reversal. The NASDAQ Composite Index sunk 5.07%, while the S&P 500 Index dropped 4.64%, and Dow Jones Industrial Average fell 3.99% on the week.
What happened to Fisker shares this week
Fisker shares printed an all time low this week. In early trading on Friday, shares dipped to $7.76. The weekly chart shows one big bearish candle, which gives the bears more confidence to keep pushing the share price down further.
The stock market dragged Fisker shares without any mercy after making a high of $9.15 on Monday to an all-time low of $7.76 on Friday. According to the textbook analysis, this is extremely bearish. Bears enjoyed this sell-off throughout the week.
Bulls tried to protect support levels at $8.80, $8.40, and $7.95/share. However, all support levels were regretfully broken like a hot knife going through butter. The $7.80/share zone was the bulls last hope. It held well and Fisker shares recovered by the end of the day. Shares bounced back to close above $7.95/share on Friday after 6 straight days of red candles.
What to expect next week
As you can see in the weekly stock chart below, Fisker shares are still in a down trend. With all of the stock market uncertainty, bears will try to push Fisker stock back down on any bounce. However, this is unless bulls manage to close Fisker shares above $8.60, which is our first target and then $9.35/share.
Money managers continue to confuse retail investors. It appears they’re doing this on purpose. Fisker shares have an ugly chart with shares closing at the lows on weekly candles. Bulls need to find a bullish green candle next week that covers the full red ones. Fisker stock need to close above $7.80/share from now on.
Stock chart analysis provided by @khaled_kayuae. He is a professional investor, swing trader, and chartist with a long position in Fisker ($FSR) shares.
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