Morgan Stanley makes a correction to their Fisker research report, but that’s not enough to move Fisker shares into the green for the week.
This week Fisker shares took a hit underperforming the broader market. The NASDAQ Composite closed up 3.08%, compared to Fisker’s stock, which fell 5.90% on the week.
Fisker’s shares saw strong volume at the close of the market on Thursday. More than 1.8 million shares traded hands, which took Fisker shares to a daily low.
This was followed by a weekly low on Friday morning at the open of trading with shares hitting $8.97. However, Fisker shares recovered into the close of the market gaining 3.9% to mid-day at $9.59/share on the week.
Henrik called out Adam Jonas, Morgan Stanley equity analyst, who covers Fisker shares earlier in the week. Jonas and his team published a research report the previous week using incorrect modeling and assumptions.
Henrik took to social media to celebrate the correction. He said, “Finally got the correction from Morgan Stanley! Thank you Adam Jonas for recognizing we did NOT say (on our Q2 earnings call) we need to raise money to start production of the Fisker Ocean or require $1B this year!!!! Hope this makes it crystal clear!!???!!”
What happened to Fisker shares last week
Fisker shares started the week at $10.37. As mentioned on last week’s stock chart update, we said Fisker stock could test the $10.90s. Then, we said it could drop to $9.15 if we broke the $9.70 level.
On Friday, shares dropped to $8.97. This was a flush sell washing out a lot of investors with limit orders. As we mentioned last week, we saw a spike down, and then a jump back above the gap. We see this as a bear trap. The stock closed above the green trend line for the week at $9.59/share +3.90% on the day.
What to expect next week
As long as we respect Friday’s low of $8.97/share, then Fisker shares will climb to the $10.35 zone next week. Bulls could have some strong resistance around the $9.70 zone.
Once Fisker shares close above $10.35, then Bulls could easily push the share price again to the high $10 zone.
The daily candle on the weekly stock chart is looking bullish. Shares need to remain above $9.30/share. This needs to happen to avoid any risk to downside next week. We must close above last week’s candle low which was $9.26/share.
This guest article is written by @khaled_kayuae. He is a professional investor, swing trader, and chartist with a long position in Fisker ($FSR) shares.
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