WKHS Stock News: Workhorse Group Inc.set to resume rises, technically well-positioned


  • NASDAQ: WKHS is set to kick off the first full week of October with gains.
  • Workhorse Group's stock has been retreating after the Trump bump.
  •  Friday's close above critical support is a bullish sign.
  • Hopes for cashing in on Workhorse's share in Lordstown Motors may fuel more gains.

A higher low – and especially on a weekly close – is always an encouraging technical sign. NASDAQ: WKHS shares fell for four consecutive days, gradually eroding the gains made on Monday. However, the close at $23.62 – despite being a daily drop of 5.82% on Friday – still leaves Workhorse Group's shares above the closing price last Friday, which was $22.13 

Can it continue higher? The initial upside target is $25, a psychologically significant level. According to pre-market data, WKHS is set to rise by 3.51% to $24.45, nearing that target. The bigger prize is $28.13, Monday's close, followed by the September peak of $30.60. The $22.13 level works as low support.

WKHS stock news

Workhorse Group Inc shot higher last week after President Donald Trump examined a Lordstown Motors truck on the White House lawn. The firm owns a 10% share in Lordstown. 

The leader of the world's most powerful country later tested positive for coronavirus and was hospitalized. Shares dropped ahead of that shocking news as the focus shifts to what happens with the stake in the fellow Ohio-based company. 

Lordstown Motors may make its way to the stock market via DiamondPeak Holdings – a Special Purpose Acquisition Company (SPAC). Workhorse investors may be wise to follow news of the potential financial move. 

As for Workhorse itself, finances still leave much to be desired, but the fuel for its rally comes from drones and electric vehicles it is developing. WKHS shares have room to rise if it is able to deliver its products to the US Postal Service (USPS). 

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

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD remains pressured below 1.1650 amid USD rebound, German inflation eyed

EUR/USD starts the Wednesday's session on a muted note. US Dollar Index pares its initial losses to trade near 94.00 amid firmer US yields. Dovish ECB, Fed tapering, and US economic revival package back the euro underperformance.

EUR/USD News

GBP/USD bulls flirt with 1.3800 around monthly high, focus on UK inflation

GBP/USD seesaws around 1.3800 as traders brace for the key inflation data during Wednesday’s Asian session. The cable pair cheered hopes of the Bank of England’s (BOE) rate hike, as well as broad US dollar weakness, to refresh the multi-day high the previous day. 

GBP/USD News

Gold at a critical technical juncture

Gold is subdued and rests in familiar territory awaiting the next major catalyst to kick start it into gear within bullish territory towards the psychological $1,800 level. The stagflation themes feed through into the precious metals hedge. 

Gold News

XRP price will dip before it breaks out

A brief technical and on-chain analysis on XRP price. Here, FXStreet's analysts evaluate how Ripple bulls take control.

Read more

UK September CPI Inflation Preview: Will rising price pressures boost British pound?

Annual CPI in UK is expected to stay unchanged at 3.2% in September. BoE rate hike prospects have been lifting the British pound. GBP/USD could continue to push higher with a daily close above 1.3850.

Read more

Forex MAJORS

Cryptocurrencies

Signatures