AAA says gas prices reached an all-time high today as the national average rose above $5/gallon, inflation putting pressure on everything including Fisker shares.
This morning, AAA reported that the national average for gas prices hit $5.01 for the first time. The Automobile Club expects gas prices to continue to trend higher.
Today marks the highest ever gas prices on record. Gas is not the only thing soaring. Inflation is still on the rise. On Friday, the Consumer Price Index (CPI) rose to a 40-year high of 8.6%. Rising rents, gas, and food prices are increasing at the fastest pace since 1979.
Inflation appears to be running away. It’s putting pressure on the stock market. The broader stock market isn’t helping Fisker ($FSR) shares. The same goes with shares of other growth companies in general. The Nasdaq was down 5.6% last week.
Let’s dive into Fisker’s shares with a recap
As we expected, last week Fisker shares reached high $8s after share price broke $9.51. Bears are in full control now. Bulls failed again to close above the $9.80 strong demand zone. Even with good Fisker Ocean reservation numbers, share price failed to hold and broke all support levels.
This is the first close on the weekly chart below our demand zone since October 2021. You can see a big red candle. Technical analysis is so bearish at the moment. A lot of damage is being done to the Fisker chart.
What we expect next week?
Next week, bulls must act strong. They need to push the share price of Fisker shares towards $9.80 then $10.70. If this does not happen, then we have a final support level at $8.04. Buyers here will jump in for a quick bounce as a double bottom formation. If bulls could not manage to protect the $8.04 level next week there is more downside.
We could see Fisker shares target the green Falling Wedge line at $7.75. The stock could go lower to the low $7s, to the dotted red line. Then, we could see a bounce back quickly to close above the green line again. Investors should not panic at all. However, their plane is delayed again! 🙂
This guest blog post is written by @khaled_kayuae. He is a professional investor, swing trader, and chartist with a long position in Fisker ($FSR) shares.
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