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Fisker Ocean has landed, Stock Beats Market this week
August 27, 2022
Fisker Ocean arrives in New York for its East Coast debut, as Fisker shares rise fractionally over the week.
Today the Fisker Ocean landed in New York for the first time. Yes, we are talking about stock in this article. You probably thought we were going to be talking about Fisker stock “mooning”. However, there is likely a link between the Ocean’s East Coast debut and the outperformance of Fisker stocks. We are now one week closer to the official start of production for Fisker Ocean on November 17th of this year.
Currently, the world’s most durable vehicle is in the Hamptons. Tonight it goes to the Milken Institute invitation-only event to raise awareness and money for the Prostate Cancer Foundation. Then it’s off to Brooklyn’s Domino Park on Sunday to check out. This East Coast debut comes as the stock handily beat the broader stock market this week.
Fisker’s stock closed the week at $9.00/share in what was a rollercoaster ride. The broader stock market took a hit this week. This was due to the aggressive and aggressive tone of Federal Reserve Chairman Jerome Powell. Powell warned investors of some pain ahead as the Federal Reserve continues to fight inflation. Investors have sold almost everything except Fisker stock this week.
The NASDAQ Composite Index closed the week down about -4.44%, with trading taking the largest toll on the market on Friday. Fisker shares managed to escape the carnage this week, closing at $0.07 or 0.78% this week. Much better than finishing on the weekly lows like the general market. The only thing we can attribute this out-performance to is the Fisker Ocean’s East Coast debut. Perhaps Fisker stocks have finally found a solid investor base, even with such significant short-term interest?
What happened to Fisker stocks this week
Fisker shares opened at $8.83 this week. The stock fell to a weekly low of $8.32. We discussed the possibility of this happening last week.
Bulls were ready to load the boat. They quickly pushed Fisker stock back to $8.85. The stock peaked at $9.16 per share. With a healthy pullback today, the stock found strong support at $8.83/share.
Fisker stocks managed to close with a nice bullish formation from a hammer on the weekly candle. If Fisker stock can close above $9.16/share next week, we can call a bottom of $8.32/share from the past week.
What to expect next week
We have completed 20 weeks from a swing high of $14.74/share to a swing low. According to the textbooks, the correction is over. The textbook says anything between 20-25 candles.
We expect Fisker stock to trade in the $8.50 to low $10 range next week. This is our long-awaited goal. However, Fisker stocks must be in the $8.50 per share zone. We will have some resistance around the USD 9.44 and USD 9.70 levels. That is until we cross $9.90 to hit our target stock price.
Bears will fight hard and the $10 will be rejected on the first try if Fisker bulls don’t show strong momentum. Technical analysis is void if we see a close below the $8.50 zone next week.
This guest article is written by @khaled_kayuae. He is a professional investor, swing trader, and chartist with a long position in Fisker ($FSR) shares.
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