Let’s review the Fisker weekly stock chart after seeing shares close on Friday down 7.61% to $9.71/share.
Let’s review the Fisker ($FSR) weekly stock chart. As you can see in the chart, the stock closed lower. This was probably due to Elon Musk announcing the end of work from home and layoffs at Tesla. Fisker’s stock dropped 7.61% to $9.71 on Friday on that news. However, Fisker keeps ramping up its hiring efforts.
Recap of the week
This week Fisker’s stock had a high of $11.04. Then the share price dropped to $9.81/share. After that, the bulls managed to push shares back to $10.71 with low volume. Finally, bears took control on Friday. They pushed the share price down to make a weekly low of $9.51.
Fisker’s share price is still playing in a falling wedge formation (red lines) and its again around the $9.70 zone. This is a strong demand zone within the formation. Many investors are willing to add at these low prices, mainly at current minor support (green line). This demand zone has been tested more than 8 times in the past. For now, it has since acted as great protection.
What we expect next week
With a red bearish candle, that is not good. Fisker’s share price could drop further next week to low $9s or high $8s. Bulls must protect $9.51 next week to gain momentum towards $10.30.
Fundamentals are still strong and nothing changed so far. However, last night Henrik dropped news that the Experience Center in Los Angeles has been delayed until November. This was due to building supplies shortages and city permitting. On the positive side, it sounds like there may be more worldwide store openings around the same time in November.
Back to the stock. Any drop in share price may be an excellent chance to add at these levels. This falling wedge will be broken sooner or later and bulls should be holding with patience.
This guest blog post is written by @khaled_kayuae. He is a professional investor, swing trader, and chartist with a long position in Fisker ($FSR) shares.
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