Workhorse Group Inc. (NASDAQ:WKHS) shares are trading lower Wednesday, possibly after the company’s 8-K form showed the company has entered into a securities exchange deal with Antara Capital for the exchange of $82.5 million in notes for 12.13 million shares of common stock.

Workhorse was down 6.7% to $7.25.

Workhorse Daily Chart Analysis

See Also: Workhorse Stock Needs To Reclaim This Support Level Or It Could Get Ugly

What’s Next For Workhorse?

Bullish traders are hoping the stock can hold the $7 level as support once again. Bulls are then looking to see the start of higher lows and for the stock to head toward the resistance level, eventually seeing a potential break above it.

Bearish traders are hoping the stock will be unable to hold the $7 level as support and for the stock to fall below it. Bears are then looking to see the stock start to hold this level as resistance for a possible further downward push.