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Today, we got to see another glimpse of a Fisker Ocean rolling off the high volume assembly line at Magna Steyr. Henrik Fisker shared new photos of a Fisker Ocean in Night Drive on the production line. It’s the first time we’ve seen the electric SUV in that color. In a post across social media, Henrik said, “Fisker Ocean cars on the production line continues! Now a black one! The MACHINE has started 👊😎😀 🆙 🔝.”

Earlier in the week we received our first look of a Fisker Ocean being assembled on the high volume production line. By mid-week, we saw that same Fisker Ocean fully assembled with nearly 100 Fisker and Magna employees posing next to it on the factory floor. As a Fisker investor, this is a major milestone for the company, not to mention a major event in company history.

Fisker is only 61 days away from the official start of production when Magna will produce sellable vehicles. In the meantime, Henrik shared today that, “The vehicles we built now are used for several things: training, taken apart for service training and we will build some for Marketing, for events and put in our Fisker lounges (showrooms). We won’t sell any of them, as SOP means, Magna agrees to start delivering sellable vehicles!”

This is probably the reason why Fisker shares ($FSR) outperformed the broader stock market throughout the week. Shares in Fisker traded up +3.95% week-over-week closing at $8.94/share. This is compared to the Nasdaq Composite Index, which fell -5.48%. The S&P 500 dropped -4.77% while the Dow was off by -4.14%. You could say the stock market crashed this week, again on inflation fears and uncertainty of what the US Federal Reserve could do next.

As we mentioned last night, Fisker shares were mentioned on CNBC’s Fast Money as the final trade of veteran trader Steve Grasso. Fisker also received a new initiation on Wall Street over at Needham and Company mid-week. There is a lot to be excited about as a Fisker investor. As Fisker mentioned, “the machine has started,” which means high volume production will become the new normal for the company and investors.

This week, Fisker shares reached a high of $10.03 compared to $8.08 last week. It’s a very bullish move considering the overall market condition. For example, the Nasdaq Composite Index fell -5.48% for the week.

Today, Fisker shares pulled back to the 61.8% Fibonacci level at $8.82/share and closed above it. We believe this is a healthy pull back. It should release any overbought pressure on stock indicators.

In the weekly chart, Fisker shares made a higher high and a higher low. Furthermore, the stock closed above last week’s high of $8.82/share. Again, that is another bullish formation.

However, Fisker shares are still in a falling wedge formation. Only a close above $10/share, the green line on the chart below, will fuel a move upward to much higher numbers.

Bulls need to protect the $8.80 level next week. Fisker shares should not close below that level on any daily candle. If Fisker shares close below that level, it will give the stock more power to test and break the green trend line.

Lastly, both daily and weekly candles show some bearishness. That could force Fisker shares to test the 61.8% Fibonacci level at $8.82/share again or a bit lower. This will flush some weak hands.

Trading volume in Fisker shares was up throughout the week. At the moment, volume is super good, which is a major indicator for the price action. This clearly shows accumulation at these levels.

You can reserve your Fisker Ocean or PEAR by visiting https://fiskerinc.com/reserve. Use referral code DDK87H.

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We are an independent news site that exclusively covers Fisker. Fiskerati is our passion project. We follow all-things Fisker. We write articles daily. Articles published on Fiskerati express our own opinions. We are not compensated by or affiliated with Fisker. We are shareholders in Fisker Inc. ($FSR). We hold a long beneficial ownership position in Fisker through stock. The information published in articles on Fiskerati are general in nature and should not be relied upon as personal financial advice.