Workhorse Stock Forecast
Big movements in Workhorse stock price on Wednesday moving 11.14% between high and low
(Updated on Mar 27, 2024)
The Workhorse stock price gained 7.21% on the last trading day (Wednesday, 27th Mar 2024), rising from $0.216 to $0.232. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 11.14% from a day low at $0.211 to a day high of $0.235. The price has fallen in 6 of the last 10 days and is down by -13.79% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 4 million more shares were traded than the day before. In total, 26 million shares were bought and sold for approximately $6.03 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -21.07% during the next 3 months and, with a 90% probability hold a price between $0.162 and $0.255 at the end of this 3-month period.
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WKHS Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, March 22, 2024, and so far it has risen 10.53%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Workhorse stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $0.276. On a fall, the stock will find some support from the short-term average at $0.224. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Workhorse stock
Workhorse finds support from accumulated volume at $0.222 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.0235 between high and low, or 11.14%. For the last week, the stock has had daily average volatility of 9.09%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (WKHS) For The Upcoming Trading Day Of Thursday 28th
For the upcoming trading day on Thursday, 28th we expect Workhorse Group to open at $0.226, and during the day (based on 14 day Average True Range), to move between $0.206 and $0.258, which gives a possible trading interval of +/-$0.0259 (+/-11.16%) up or down from last closing price. If Workhorse Group takes out the full calculated possible swing range there will be an estimated 22.32% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.235 (1.34%) than the support at $0.222 (4.36%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Workhorse Group stock A Buy?
Workhorse holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.666 Sell Candidate Unchanged
Predicted Opening Price for Workhorse Group of Thursday, March 28, 2024
Fair opening price March 28, 2024 | Current price |
---|---|
$0.226 ( 2.63%) | $0.232 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WKHS
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.249 | 7.50 % | |
R2 | 0.240 | 3.63 % | ||
R1 | 0.235 | 1.24 % | ||
Current price: | 0.232 | |||
Support | S1 | 0.217 | -6.50 % | |
S2 | 0.211 | -8.89 % | ||
S3 | 0.202 | -12.76 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0.276 | 18.93 % | |
R2 | 0.249 | 7.20 % | ||
R1 | 0.235 | 1.34 % | ||
Current price | 0.232 | |||
Support | S1 | 0.222 | -4.36% | |
S2 | 0.216 | -6.73% | ||
S3 | 0.210 | -9.53% |
FAQ
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