Fisker Inc. (NYSE: FSR) shares were trading higher Thursday, possibly after Jon Najarian mentioned the stock having unusual options activity. The stock was trending on social media sites throughout the day such as StockTwits.
Fisker was up 9.11% at $15.87 late in Thursday’s session.
Fisker Daily Chart Analysis
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The stock looks to be nearing resistance in what technical traders call a pennant pattern.
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The stock has been condensing between narrowing highs and lows and nears the end of the pennant pattern. A break above resistance or below support could hint the stock is ready to continue to move in the same direction.
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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.
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Each of these moving averages may hold as a possible area of support in the future.
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The Relative Strength Index (RSI) has been pushing higher the past few days and sits at 65. This shows that the buying pressure now outweighs the selling pressure. The RSI is nearing the overbought range that begins at 70 on the indicator.
What’s Next For Fisker?
Bullish traders are looking to see the stock continue to push higher and break above the pattern resistance. If the stock was able to break above the resistance level, it may see a strong bullish push in the future.
Bearish traders are looking to see the stock get rejected at the resistance level and start to fall lower. Bears are then looking to see the stock fall below the pattern support and see a strong bearish push afterward.
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