WKHS Stock News: Workhorse Group Inc. looks bullish despite Trump's coronavirus, weekly close critical

NASDAQ: WKHS is set to drop for the fourth consecutive day.
Workhorse Group may still close the week higher, which would keep bulls content.
Trump's photo with a Lordstown Motors truck may continue supporting the EV-maker moving forward.

Yohay Elam FXStreet

President Donald Trump is always prominent in the news – and even more so on Friday, after he tweeted that he contracted COVID-19. Trump's coronavirus has thrown markets into disarray as the clock ticks down toward the November 3 elections.

NASDAQ: WKHS is set to fall by around 5% on Friday, extending its losses after shedding 0.79% on Thursday to close at $25.08. However, there are reasons to be cheerful.

WKHS stock news

The slide in the broad S&P 500 index and in NASDAQ – where Workhorse is trading – is weighing on the Ohio-based electric vehicle maker. Political uncertainty is always adverse for the economy and for stocks.

NASDAQ: WKHS has an even more significant dependence on the current occupant of the White House and especially this week. Trump was pictured viewing a Lordstown Motors truck early in the week, a report that sent Workhorse – which owns a stake in that firm – soaring by some 16%.

Since then, shares have gliding lower. The weekly close – above or below the critical $22.13 level – is critical to the upbeat sentiment in NASDAQ: WKHS. Higher lows serve as bullish technical indications for stocks. If shares fall below this close, it would serve as a lower low, forming a bearish downtrend.

While Trump's coronavirus contraction may risk the firm, it is essential to remember that rival Joe Biden may also be beneficial to Workhorse and the broader electric vehicle sector. Democrats have championed green energy and if they win a clean sweep, NASDAQ: WKHS could resume its gains.

See WKHS Stock News: Workhorse Group Inc seems like a win-win on any election result

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

AUD/USD edges higher as hot CPI inflation and hawkish RBA lift rate hike bets

The AUD/USD pair gathers strength to near 0.7035 during the Asian trading hours on Friday. The Australian Dollar edges higher against the US Dollar as hotter Australian CPI inflation data has bolstered expectations of Reserve Bank of Australia rate hikes.

USD/JPY meets support near 157.00

USD/JPY retreats for the third consecutive day on Friday, revisiting the 157.00 region before attempting some recovery as investors continue to assess the latest BoJ meeting, where the central bank left rates unchanged, as widely anticipated.

Gold sinks to fresh yearly lows despite risk-off mood as Fed rate hike bets weigh

Gold slips to fresh year-to-date lows on Friday. The metal struggles despite a risk-off mood across markets, as expectations of further Federal Reserve (Fed) interest rate hikes continue to dominate price action, leaving Gold on track to end the month in negative territory.

Ripple Price Forecast: XRP bulls defend $1.20 as sell-side pressure triggers liquidations

Ripple (XRP) trades around $1.25 on Friday, rising from a short-term support level established at $1.20. This minor upward correction follows a sharp sell-off, triggered amid reports of a hack attack on the Binance exchange that impacted approximately $6.3 billion. The attack drove the broader crypto market on edge, as Binance suspended both deposits and withdrawals to contain the situation.

BoJ recap: A pause for now... but Japan has entered a new inflation phase

The Bank of Japan left its short-term policy rate unchanged at 1.25% but delivered a distinctly hawkish message on the risk of an inflation overshoot. The decision passed by 8-1, with board member Takata dissenting in favour of an increase to 1.5%, while Governor Kazuo Ueda stressed that the Bank would continue adjusting policy as needed.

The 2% inflation target came from a throwaway remark. It now moves trillions

The Federal Reserve's 2% inflation goal grew out of an off-the-cuff remark by a New Zealand politician in 1988. Bond investors still price long-term US debt as if 2% holds, so a change in how the Fed measures inflation would move markets.