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Workhorse Group Stock Rallies: Technical Levels To Watch

March 8, 2021 1:03 pm
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Workhorse Group Stock Rallies: Technical Levels To Watch

Workhorse Group Inc. (NASDAQ:WKHS) shares were trading higher on increased volume in Monday’s trading session.

The stock may be trending amid a report on a bill introduced in the U.S. House of Representatives to provide the post office with $6 billion in new electric vehicles. Here are some potential short- and long-term technical levels to watch in the stock.

wkhs15min3-8-21.png

Workhorse Technicals Levels To Watch: The 15-minute chart above shows the stock has a potential short-term support level at $12 and potential short-term resistance level at the $18 mark.

The potential support comes from the short-term chart history as the stock has been unable to cross below this level in the past. The resistance level shows $18 as a place where the stock price has been unable to cross above for the short-term.

A bullish technical trader would like to see the price cross above the potential $18 resistance level with consolidation above before a possible further upwards move may be possible.

A bearish technical trader would like to see the price break below the support level and consolidate below for some time before a further lower move may be possible.

wkhsdaily3-8-21.png

The daily chart above shows that there may potentially be a support level near the $15 price mark, as this has been an area where the price has been unable to break below multiple times in the past year.

Another key level on the daily chart is the $30 price level. This is an area the price has been unable to break above many times in the past year. This price level could be considered a potential resistance level in the future.

A bullish technical trader would like to see the price cross above the potential resistance and consolidate above for a time period, with retests of this resistance as support before a possible further upward move.

A bearish technical trader would like to see the price fall below the support, consolidate and even retest the support as resistance before a possible further downward move may be possible.

Workhorse shares are trading with a market cap of $1.9 billion and a public float of 110 million shares. 

WKHS Price Action: The stock was up 14.6% at $15.74 at last check Monday. 

Photo courtesy of Workhorse.


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