The stock market soared this week and Fisker shares were left behind as Henrik and the company gear up for earnings next week.
This week, Fisker shares couldn’t make it back over the $10 level that we saw the previous week.
Fisker didn’t announce any signifiant news over the week to help shares. However, the Fisker Ocean is headed to Pebble Beach in August.
The Federal Reserve increased interest rates by 0.75% on Wednesday, taking their benchmark rate to a range of 2.25%-2.5%. Fisker shares traded in the high $8 zone mid-week.
On Friday, Fisker shares closed down 1.14% for the week with a closing price of $9.58/share. This is compared to the NASDAQ Composite Index climbed 4.7% on the week.
Below is our weekly stock chart analysis. Since trading has ended for the month of July, we’ve included some thoughts below on the monthly chart. Next week is the company’s earnings call. We will be holding a Live Stream to listen to the Fisker earnings call and to discuss it afterwards.
What happened to Fisker shares last week
Fisker shares opened the week at $9.70 at the pivot point. It made a low at the green line of $8.85. Then, it jumped back to the high of $9.60s today. It was the lowest average true range (ATR) of the week with only $1.05 of movement. The weekly candle formation is called a hanging man. This indicates a bearish formation only if we break the $8.90 zone and close below it.
What to expect next week
If Bulls protect the strong support level of $8.90 next week, Fisker shares will visit the $11.40 zone. All indicators are turning bullish. However, we need a close above the $9.70 zone next week to confirm our first target of $11.40.
Monthly review
The month of July had the lowest ATR since June 2020. We saw an average move of $4 move. In July we only saw half of that move. This means Fisker shares are setting up for a strong move in August. This means we could see Fisker shares hit a $13.86 zone, which happens to be the old gap.
Over the last three months, we held the demand zone nicely. This by itself is a bullish formation and created a strong base around it. Bulls have done a great job protecting the low $8 zone.
This guest blog post is written by @khaled_kayuae. He is a professional investor, swing trader, and chartist with a long position in Fisker ($FSR) shares.
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