In this post, we take a technical look at Fisker’s stock chart to see where it may be headed the week of May 1st.
Recap of last week
Once again, the stock market was volatile this week. Stocks were all over the place, but ended the week lower. There are jitters with the Federal Reserve meeting next week to more than likely hike interest rates. As a result, practically every technology stock fell including Fisker. The NASDAQ fell 3.93% on the week. Fisker’s stock ($FSR) opened up on Monday 4/25 at $11.05. The stock closed Friday 4/29 at $10.06 for a loss of nearly a 9% drop.
As we discussed last week, we should not close below the red line on a daily basis. Since we closed below it this week we dropped to our Demand zone of $9.97. Then we bounced fast to our $10.85 target (we expected 10.80). And, got rejected again (red line) to our daily, weekly and monthly lows and all of these candles! This was definitely not good for Fisker’s stock in the short-term.
Let’s zoom into our chart for next week
Here is the chart for next week beginning Monday 5/2.
What we expect next week
Looking at the chart above, the bulls MUST close the stock above the $11 zone to gain any momentum next week. Since the monthly candle is so bearish, we could still see a fast flush sell to hunt some stops below 9.80-9.60 zones and a bounce back.
Fisker monthly Average True Range (ATR) is around $4. When we take that in consideration, our demand and supply zones are between $9.70 to $12.70. In May, that will depend on closing prices on the weekly and daily candles and swings H/L confirmations. Technically, we are still above the demand zone and did not make any new lows or even close below it.
So, enjoy the weekend and do not panic! Any good news or updates to fundamentals on Fisker’s May 4th earnings report could pave the road for the rest of the month.
And, don’t forgot to vote in our Saturday poll!
Here is our poll for the day:
Saturday Poll: Next $1 in $FSR (closing price $10.06)
— Fiskerati (@fiskeratiblog) April 30, 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 shares.
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