$FSR: Weekly buying opportunity in EV stock fisker

Elliott Wave Forecast Team ElliottWave-Forecast.com

Fisker Inc. is an US American automotive company. It is producing electric sport utility vehicles (SUVs) like Fisker Ocean, Pear, Ronin and Alaska. Founded 2016, headquartered in Los Angeles, California, US, it is a component of the Russel3000 index. Investors and traders can trade it under the ticker $FSR at NYSE.

Fisker weekly Elliott Wave analysis 01.02.2024

The weekly chart below shows the Fisker shares $FSR traded at New York Stock Exchange. From the all-time lows, the stock price has developed a cycle higher in wave (I). It has printed the all-time highs in March 2021 at 31.96. From the 2020 highs, a correction lower in wave (II) is unfolding as an Elliott wave double three correction pattern being a 3-3-3 structure.

Firstly, 3 waves of red wave w have ended in May 2021 at 9.61 lows. Secondly, a bounce in 3 swings as red wave x has set a connector in November 2021 at 23.75 highs. Currently, final swing lower in red wave y is in progress. As a matter of fact, break of 9.61 lows has opened a bearish sequence. As long as price holds below 23.75, it can reach deeper towards weekly support area. Investors and traders can be looking to buy $FSR from 1.31-0.00 area. There, blue wave (II) should find its bottom and next bullish cycle in blue wave (III) should start. The target for blue wave (III) will be 31.96 and higher in the long run.

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Elliott Wave Forecast Team

ElliottWave-Forecast.com

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