Fisker investors made a valiant effort to try to retake the $10 level this week, but faced some selling pressure on Friday.
This week, investors waited patiently for some positive news to come out around Fisker Ocean One pre-ordering.
Fisker sent out another batch of email invites earlier in the week. Unless the company announces something next week, we are likely going to have to wait until earnings on August 3rd.
All was not lost this week. Investors made an attempt to retake the $10 level for Fisker ($FSR) shares. Shares closed twice this week above the price of $10/share. Henrik posted an animated GIF after shares managed to hold the $10 level on Wednesday.
Henrik also stated he would be receiving a test car of his own on Monday (pictured above). We can expect some new photos and videos to follow. However, Fisker shares didn’t seem to care. The broader market tanked on Friday sending Fisker shares below the $10 level again.
On Friday, the NASDAQ Composite Index fell 1.87% compared to Fisker shares, which were down a whopping 5.29%. Overall this week, Fisker stock price rose ever so slightly closing up 1.79% at $9.67/share. Unfortunately, Fisker shares lagged the NASDAQ Composite Index, which gained 3.33% for the week.
What happened to Fisker shares last week
Fisker shares opened this week at $9.61. The stock printed a low of $9.43. Then, it started the impulse wave all the way to $10.34/share without any known retracement.
This is very bullish by itself. We noticed on Friday an expected profit taking that pulled the share price back to $9.61. This would be almost around the 38% Fibonacci level. Then shares pushed back fast above $9.70.
In addition, Fisker share volume started to pick up pace over the last 3 weeks. We’ve seen share volume rise from 13 million and 15 million to 18 million this week.
What to expect next week
Looking at the stock chart on weekly candles, we have a higher high, higher low, increasing volume, and breaking falling wedge. With the stock closing near the $9.70 level (PIVOT), this gives a perfect bullish setup for next week.
However, next week price could move sideways from the $9.50 zone to $10.70 zone. This is as long as we are respecting the green line and not closing below it. Bulls managed to move the price above $10 easily this week and will manage to do the same next week.
It’s no surprise how market makers are holding Fisker shares at the $9.70 zone for weeks. It’s been confusing investors. Well played. 🙂
This guest blog post is written by @khaled_kayuae. He is a professional investor, swing trader, and chartist with a long position in Fisker ($FSR) shares.
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