Fisker Shares Soar as Company Expands Invites to Pre-Order Fisker Ocean One

Fisker sends out the second big wave of Fisker Ocean One pre-order invites this week and Wall Street rewards the company for it.

This week, you may have received an email invitation to pre-order the Fisker Ocean One. The company has been sending out invitations to pre-order Fisker Ocean over the past week. Yesterday, we estimated that Fisker is somewhere around 33,000 in the reservation queue.

However, that doesn’t mean Fisker has contacted that many reservation holders. In fact, the company is reaching out to reservation holders in select regions subject to availability. Also, Fisker had about 1,600 fleet reservations as of May 2022. Certainly, companies will fleet order reservations wouldn’t want the launch vehicle.

While the broader stock market was up this week, Fisker shares outperformed. The NASDAQ Composite Index closed up 5.5% compared to Fisker, which soared 8.75% on the week. Fisker’s stock closed the week at $9.32/share. The stock move could be directly attributed to the start of Fisker Ocean One pre-orders. Pre-ordering officially kicked off on Friday of last week after the market close.

A lot of individual investors expected pre-orders of Fisker Ocean One to sell out quickly. There are only 5,000 launch vehicles available. However, Wall Street doesn’t seem to care having rewarded the company for hitting this milestone. We celebrated the milestone too with a live stream event. It will be interesting to see Wall Street’s reaction once Fisker announces all launch vehicles have been pre-ordered.

What happened to Fisker shares last week

Fisker shares up nearly 8.75% last week.

We saw how Fisker stock ($FSR) dropped last week to $8.09. It did this once shares broke the tight trading range of $8.90 to $9.50. Bears were so happy to print the low of $8.09/share. However, this week, bulls came back again strongly. They managed to break $8.90/share as mentioned last week. And today, the Fisker shares tested the $9.57 zone.

The weekly close above $9/share is very bullish. There are three bullish formations in the chart to call out. Firstly, we have triple bottom formation. Secondly, the Doji candle from three weeks ago and the stock never closed below it. Thirdly, today we see a green engulfing candle on the weekly chart. These three formations shows that bulls are in full control.

What to expect next week

Next week we could see some healthy pullback to the $8.90 zone. This would give the bulls another chance to load more shares. It will also give bulls a chance to get prepared to break resistance in the $9.70 zone.

Once we are back in the trading channel of $9.70 to $12.80, then the bulls have a clear target to test at $12.80/share.

We can expect the price of Fisker shares to stay in the double digits until the end of the year after the stock is back above $10 with any weekly candle close.

It was a great week and wish you all the best 🙂

Fisker Stock Chart Week Ending July 8, 2022.

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.