Fisker Shares Traded Up This Week, Beating the Overall Stock Market

Stock market soars and Fisker shares come along for the ride as the stock closes up 13.33% on the week beating the broader indexes.

The stock market soared this week with the broader indexes finishing up strongly. The Nasdaq composite closed up 9.06% on the week. This is compared to Fisker ($FSR) shares which closed up 13.33%. That is a pretty nice gain for the week seeing as the market has been battered and bruised over the last few months. It’s nice to see an up week, as many people reading this will probably agree. Fisker shares ended the week at $9.19 share. Below is the recap of the week for Fisker shares as well as what to expect in the trading week to come.

Let’s dive into Fisker’s shares with a recap

The stock market was closed on Monday due to a holiday. We started the week on Tuesday. This week Fisker shares reached a high of $9.50. In fact, we had expected the $9.70 zone last week. From the open, Fisker stock began trading at $8.69 share. Bulls managed to push the price to $9.50. On Friday, by the close the market, the stock closed above last week’s high of $8.88. This shows that the bulls are still in control on longer timeframe.

This week was a battle though, the bulls and bears fought strongly between $9.30 to $9.50. However, the bulls finally got exhausted and gave up at $9.50. This was to be expected since this price level is a very solid bear zone. It’s represented by the thin green line on the chart (below). It requires multiple touches before a clear breakout can happen.

What we expect next week?

We have strong support around $8.50. This level must be respected. We cannot see Fisker shares fall below this level. If the share price drops below $9 to $8.50 next week, the bulls must take this as a chance to add to their positions. We will have another try to break the $9.50 zone. Then, we will try to push the share price to the $10.50 zone as the bull’s first target.

The weekly setup for this upcoming week is bullish. This is because of the Doji candle, followed by a green candle closing today above the high of last week. We are having a healthy pull back now in the shorter time frame. Until next week, best of luck out there!

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.