The NASDAQ Composite Index fell 4.21% on the week, beating up all tech stocks including Fisker shares down roughly 6.5%.
Today, we are 75 days away from the official start of Fisker Ocean production. Production is on target as the company keeps telling us. However, if you looked at Fisker’s share price you would think the company isn’t delivering. This couldn’t be any further from the truth. Fisker is executing on all fronts. In fact, Henrik appeared on Fox Business yesterday to talk about future US production for the Fisker Ocean. Reservation numbers keep climbing each week. Not to mention, the company keeps adding more and more pop-up locations each week.
It’s not the company’s fault, like many other high-growth tech stocks. We can point a finger and blame it squarely on the overall stock market. While the company is doing everything they can do, the stock market doesn’t seem to care. The stock market environment as a whole is in a rough spot right now. Most of it has to do with rising inflation. The Federal Reserve is doing what they need to do to curb it. As a result, investors are selling stock in all companies, which is what we are seeing here in Fisker shares.
Last week, Fisker shares escaped the wrath of the market outperforming its peers and closing down only fractionally. However, there was no escaping another brutal week with all indices closing down sharply. The broader market dropped nearly 3.5% with the NASDAQ Composite Index getting hit the hardest down 4.21% on the week. Fisker shares, like many tech stocks got slammed this week closing down about 6.5% on the week. As investors who are long Fisker shares and the entire stock market at a whole, let’s hope things turn around soon.
What happened to Fisker shares this week
This week, Fisker stock opened at $8.79/share. Shares made a high of $9.18 and dropped all week. The stock hit a weekly low today of $8.41. The stock traded most of the week in a range between $8.80 to $9.15/share.
Once the stock broke this channel to the down side, shares moved as expected to $8.50 zone with minor bounces near the $8.80 level. However, on the last trading day of the week, bears were more aggressive and managed to close the stock at 8.41. This is a very bearish signal for Fisker shares.
What to expect next week
Since Fisker shares closed at the low of the week, it created a bearish candle on the weekly chart. This will give bears a chance to keep dragging the stock price of Fisker to all-time lows.
When you take a look at the weekly chart below, the green trend line should act as final support. However, if Fisker shares close below this green trend line it would take the share price to the demand zone as indicated on the chart.
We expect a trading range next week between $8 and $8.80/share with some side line action. Any close below the all-time low of $7.95 next week, will delay the journey north for bulls.
The high on the Fisker monthly candle did not print yet. However, we expect the price to turn around from low $8s and print a high in September. This drop was expected since we broke our support line and now it become resistance.
This guest article is written by @khaled_kayuae. He is a professional investor, swing trader, and chartist with a long position in Fisker ($FSR) shares.
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