Henrik Fisker calls out short sellers mid-week, but shares close down 6.67% to $8.93 compared to the Nasdaq down 2.62% on the week.
Today, we take a look at the latest weekly stock chart for Fisker shares, but before we do lets talk about short sellers. Short sellers have been targeting Fisker shares for a long while now. According to Fintel, short interest in Fisker shares stands near 35%. Currently, it will take short sellers 6.65 days to cover their Fisker short positions due to daily volume of shares traded.
Now, this week marked a significant inflection point for Fisker shares even though the stock closed the week down 6.67% to $8.93/share. Mid-week, Henrik Fisker sent out a message to “shorties” on Stocktwits. This is the very first time we’ve seen this happen. Henrik shared many upcoming company milestones that could act as catalysts for Fisker shares. He put “shorties” on notice that Fisker Ocean production is on target to start on November 17th. All while Fisker Ocean was set to debut at Pebble Beach Concours d’Elegance.
Throughout the week, and into the weekend, Fisker has been sharing a lot of photos and videos of the Fisker Ocean at Pebble Beach. In fact, we even shared professional photos of the Big Sur Blue Fisker Ocean. However, one of the Fisker Instagram Stories shared the other day included a familiar face. It appears to be Adam Aron, the Chairman and CEO of AMC Entertainment. Both CEOs, Fisker and Aron, have amassed a big following from being active on social media. We’re not sure what to make of this yet, but we do know Adam Aron is known for going after short sellers. One thing is for certain, it would be exciting to see Adam Aron driving around in a Fisker Ocean.
What happened to Fisker shares last week
This week Fisker shares had the highest traded volume in months. We have not seen this type of volume since May 22nd. Was this an accumulation or a distribution due to some reason? The technical analysis shows that Fisker stock opened the week at $9.52/share. It kept falling all week to $8.82/share.
Bulls were not able to take the share price back above $9.70/share this week. Also, they failed to maintain it above $9.30/share, which gave the bears complete control to drag it down to a lower low than last week. This is a bearish formation.
What to expect next week
If Fisker shares can hold the $8.85 support level (purple line), then we will fill the gap at the $9.20 zone. This could set the stock up for a test at $9.70 to pass to our target level of $10.25/share. However, if bears continue to push the share price down and it closes below the $8.85 level on the daily candle next week, then we don’t have any support lift till low $8/share level. Down at this low $8 level is where Fisker stock could create a double bottom formation. Bulls will react aggressively to push the share price back above 8.85.
This guest article is written by @khaled_kayuae. He is a professional investor, swing trader, and chartist with a long position in Fisker ($FSR) shares.
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