Fisker’s stock closed the week at $8.54/share down 4.7%. This is compared to the Nasdaq closing down roughly the same amount at 4.78%.
Let’s dive into Fisker’s shares with a recap
The stock market was super volatile with the Fed increasing interest rates by 0.75% this week. This led the stock market to crash. The market dragged Fisker ($FSR) down to an all-time low, which printed a share price of $7.95.
We had a target of $7.80 last week on our weekly analysis. We came so close to that target. Fortunately, today the bulls managed to have an engulfing candle on daily chart. This shows a bullish formation on a smaller daily timeframe.
What we expect next week?
As we see on weekly chart below, we are forming a DOJI candle. This means again the bulls and bears gave up the fight after three weeks of battling it out.
Technical analysis shows we are going to have a bounce next week. The bounce should be to at least the pervious support of $9.74 zone (Fibonacci 50% level). This will act as resistance. If we break it, then we can push the stock to $10.17 (Fibonacci 68.8% level).
Fisker share price must respect the low of $7.95 in coming weeks to start the next leg up. We need to break the falling wedge formation to achieve our first target of $16 in the coming weeks.
This guest blog post is written by @khaled_kayuae. He is a professional investor, swing trader, and chartist with a long position in Fisker ($FSR) shares.
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