In this guest blog post, we take a technical look at Fisker’s stock chart to see where it may be headed.
The stock market has been really volatile over the past week as the Federal Reserve keeps jawboning about raising interest rates. As a result, shares in technology stocks have been getting hammered by all of the uncertainty. Fisker’s stock ($FSR) has not been immune to this either.
Shares of Fisker stock have been dropping and making new lows since April 4th. This is where we had our last swing high in the company’s shares. Usually swings take 20 to 30 candles to play out depending on the stock.
Let’s zoom into the chart to take a closer look
Did we have a swing low last week?
A swing low will be confirmed after two more candles on Monday and Tuesday. Over the next two days, if we manage to make some nice highs then we are set to get new high numbers.
We should respect the RED line on the chart. If we do, then we have our first and second targets around the $11 and $13 dotted lines. As long as the market has enough strength, this direction of Fisker shares can be achieved. Not to mention, we will need good price action in the stock.
Our weekly Average True Range (ATR), a market volatility indicator used in technical analysis, is around $2. If we maintain the latest low of $10.70, then we have $12.70 as a zone to be tested. This technical analysis is void if there is any drop in share price and close below $10.65. We will then need to wait for a new swing low to decide the next move.
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. Photo: Courtesy of @Viejo777SoCal
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