Weekly Fisker Stock Chart Analysis (Week of May 8th)

Fisker stock opened on Monday (5/2) at $9.77 and closed Friday (5/6) at $10.02 in another wild week on Wall Street…let’s look at the $FSR stock chart.

Another wild week in the stock market even though the averages barely finished down. The NASDAQ Composite Index closed the week at 12,144.66 down -1.40%. In comparison, the S&P 500 closed the week at 4,123.34 down -0.57%. And, the DJIA closed the week at 32,899.37 down -0.30%. The market has been waiting for the Federal Reserve to announce their interest rate increase.

The Fed and interest rates…

On Wednesday, the rate hike came in at 0.50% just before Fisker released its earnings after market close. The “Fed” is expected to continually raise rates over the coming months to curb inflation. The initial commentary from the Fed was received positively on Wednesday. Jerome Powell said he would not perform a 0.75% increase. The market shot up and the averages were soaring after those comments. In kind, Fisker’s shares took off and were up over 5% at one point. The Fisker Fam was all giddy awaiting the earnings and conference call. Then on Thursday, investors had fears again and the market sold off including tech stocks.

Let’s dive into Fisker’s shares with a recap

This past week, $FSR opened on Monday (5/2) at $9.77 and closed Friday (5/6) at $10.02. The low of $FSR touched $9.61 as we expected in last week updates. We said it would drop to 9.80/9.60 zone and bounce back. And it did! There was a clear buying power from the bulls to buy at these prices with above average volumes. The bulls have done a great job, but bears also were strong enough around $10.90 (bear camp) to push the price down again.

We are still making new lows every week (5th week in a raw) that is just bearish. We MUST make a swing low with confirmation for any reversal in play. This is the first “indecision candle” on the weekly chart. It shows bulls are in control and fought another good battle for now. Especially true with the market dipping as a whole, Fisker shares have held up nicely. Fisker shares closed the week

What we expect next week?

First, we must take out the bear camp at the $10.90 zone and close above it as referenced in the chart below. That way we can see $12.25 target next week. Second, any failure of breaking $10.90 resistance we could drop back to test the lows. Third, if bulls give way we can dip below support and easily hit the $9.15 zone this time around.

Bulls need to save this demand zone again since its getting weaker and weaker.

Will the bulls get some help from Henrik Fisker this week? He reconnected with followers on Stocktwits after the earnings call last week. That’s a positive sign to help sentiment with Fisker shares. Until, next week, let’s see what happens.

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.