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This Fisker Stock Technical Level Is Key For A Bullish Turn

Fisker Inc. (NYSE: FSR) is trading higher Tuesday after BofA Securities initiated coverage on the stock with a Buy rating $31 price target. Below is a technial analysis of Fisker’s stock chart. 

Fisker Daily Chart Analysis:

The stock is trading below both the 50-day moving average (green) as well as the 200-day moving average (blue). This indicates the stock had bearish sentiment prior to Tuesday’s move. 

The moving averages are areas on the chart that may show shorter-term resistance until the price is able to cross above again.

Key Fisker Levels To Watch: The stock has shown two key levels in the past: $11.75 and $14.25 are both areas on the chart where the stock previously found buyers and held above. 

In the last week, Fisker broke below the $14.25 level and is falling toward the $11.75 level.

The $14.25 level may now hold as resistance until buyers are able to push the price above this level again.

Another factor traders should take note of is the relative strength index at the bottom of the chart. As marked with an arrow, the last time the index was able to cross below 30 — which marks oversold territory — the stock was immediately able to rebound again.

As the stock now sits below 30 on the index again, it could see the same result.

What’s Next? Bullish technical traders would like to see the stock be able to get back above the $14.25 level again and hold it as support. A cross above this line with some consolidation may indicate the stock is beginning to uptrend again.

Bearish technical traders would like to see the stock fail to break above the $14.25 level. A bearish trader would also like to see the stock cross below the $11.75 level for a potential steep drop.

FSR Price Action: Fisker shares were trading 3.23% higher to $12.77 at last check Tuesday.

Latest Ratings for FSR

Date Firm Action From To
Apr 2021 B of A Securities Initiates Coverage On Buy
Apr 2021 Barclays Initiates Coverage On Equal-Weight
Mar 2021 Wolfe Research Upgrades Underperform Peer Perform

View More Analyst Ratings for FSR

View the Latest Analyst Ratings

© 2021 Benzinga does not provide investment advice. All rights reserved.

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