Fisker’s stock rose again for the second straight week as the company began week three of Fisker Ocean One pre-ordering.
Fisker shares beat the broader market this week. The stock closed up 1.93% this week ending at $9.50/share.
This is compared to the Nasdaq Composite which closed down 1.57% for the week. This is the second straight week of gains for Fisker shares.
On Friday, Fisker started its third week of Fisker Ocean One pre-orders which began on July 1st. While the company has been silent on the progress of pre-orders, Wall Street likes what it sees. Wall Street and investors continues to reward the asset light electric vehicle company. We will keep following Ocean One pre-orders and of course weekly movements in the stock price.
What happened to Fisker shares last week
We closed the week at $9.50/share. As we mentioned during last weeks updates, Fisker shares would drop again below $9. We said the bulls would buy shares for another try to break the $9.70 zone. However, they failed again today.
This week, Fisker shares printed a low of $8.75 and today made a higher high on the weekly candle to $9.61. Plus, the stock broke the green trend line. We are seeing a had a tight range this week.
This shows that bears and bulls are tired. There is no clear direction in the market to move the price of Fisker shares. Both are just hungry for any news.
What to expect next week
Closing the week above $9.32/share will give the bulls a strong base during the week to come. It will allow the bulls to try again at breaking the $9.70 zone.
If this happens, Fisker’s share price will jump back inside the channel for double digits. Below, the chart shows that bulls failed four times (last 4 candles) to close above $9.70/share.
Once we get back in the channel, then we could see the $12.80 zone. As a result, we can say GOODBYE to single digits for Fisker shares.
However, we must respect $8.90/share next week. Fisker shares must never close below this level to keep the momentum positive.
This guest blog post is written by @khaled_kayuae. He is a professional investor, swing trader, and chartist with a long position in Fisker ($FSR) shares.
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