Workhorse Group Stock Rallies: Technical Levels To Watch

Workhorse Group Inc. (NASDAQ: WKHS) shares were gaining ground Friday, up 13.22% at $13.19 at last check. 

The stock is trading higher after an analyst initiated coverage with a bullish stance. 

Below is a technical look at the Workhorse stock chart.

Workhorse Daily Chart Analysis:

The stock is trading below the 50-day moving average (green).

The stock is trading below the 200-day moving average (blue), indicating bearish sentiment in the stock.

These moving averages may hold as resistance in the future.

Key Levels To Watch:

The stock looks to be forming a falling wedge pattern.

This pattern is considered a bullish reversal pattern if it can cross above the line connecting the highs.

The trend may not be considered changed until the price is able to cross above this line.

What’s Next?

Bullish technical traders would like to see the stock build higher lows up to resistance. A break above the line connecting the highs with consolidation may let the stock see a further push upward.

Bearish technical traders would like to see the stock fail to break above the line connecting the highs. They may also like to see the stock stay below the moving averages and continue to move further downwards.

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