Fisker Stock Breaks Out And Keeps Heading Higher

Fisker Inc. FSR shares are trading higher Thursday, possibly in sympathy with Rivian Automotive Inc. RIVN, an electric automotive peer.

Fisker also recently broke out of a pennant pattern and could be seeing buying volume from the breakout. The stock was up 16.4% at $22.08 at press time.

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Fisker Daily Chart Analysis

• The stock looks to have recently broken out of a pennant pattern and has been flying higher since.
• The stock has been getting condensed between narrowing highs and lows and was finally able to break above the pattern resistance. The stock then saw a slight period of consolidation before continuing higher.
• The stock trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the stock is seeing bullish sentiment.
• Each of these moving averages may hold as a possible area of support in the future.
• The Relative Strength Index (RSI) has been pushing higher the past few weeks and now sits at 78 on the indicator. This is well into the overbought range and the stock has seen buying pressure that has outweighed the selling pressure.

What’s Next For Fisker?

Bullish traders are looking to see the stock continue to break out and then eventually see a period of consolidation while holding its gains. This could allow the stock to see more bullish movements in the future.

Bearish traders are looking to see the stock start to fall and head toward the pennant pattern once again. Bears would then like to see the stock fall below the pattern support and form a downtrend. Bearish traders are looking for the stock to fall below the moving averages and see the RSI fall.