Fisker shares increased over $1/share this week up 12.28% opening Monday (5/16) at $10.05 and closing Friday (5/20) at $11.07.
The stock market saw another sell off this week. Inflation worries and rising rates have been wrecking havoc on asset prices including shares in publicly traded companies. The Nasdaq closed at 11,354.62 down 3.82%, S&P 500 at 3,901.36 down 3.04%, and DJIA at 31,261.90 down 2.91%. However, on a positive note, Fisker ($FSR) investors were rewarded this week. Fisker shares closed the week at $11.07 up 12.28%. The reason could be from the release of videos of the Fisker Ocean being test driven by Abbie Eaton at the Bridgestone Proving Ground. Maybe investors are finally starting to believe in the Fisker story.
Let’s dive into Fisker’s shares with a recap
Bulls did a great job this week. They opened the market at $9.97 with an immediate low of $9.61. Then they kept pushing the price of the stock strongly to 11.59. Shares passed all resistance zones without any major pull back. That is positive, especially when the general market sentiment was so negative. However, Fisker held its gain handsomely.
What we expect next week?
We can clearly see our chart shows two bull formations. First, there are three candle formation with a close today above the hammer’s high. Second, there is a descending triangle formation that needs to break the green line for confirmation.
As long as we hold the $10.80 support zone, we should test $11.80 next week. Once we clear this next zone and close above it, the door is open for $13/share. However, if we breach the $10.80 support zone, it could put the bear in control. We could then test $10.25 or even a 50% Fibonacci retracement to $9.85 in weak market.
The chart shows investors should be ready to add more shares on any pull back next week, because all technical analysis formations shows bullishness. Good luck to Fisker shares next week with the $12.80/$13.25 zones.
This guest blog post is written by @khaled_kayuae. He is a professional investor, swing trader, and chartist with a long position in Fisker ($FSR) shares.
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