$1.54 (-1.90%)

Volume: 33.788k

Closed: Dec 01, 2022

Hollow Logo Score: -3.296

Worksport Ltd Stock Forecast

$1.54 (-1.90%)

Volume: 33.788k

Closed: Dec 01, 2022

Score Hollow Logo -3.296
* StockInvest.us uses dynamically calculated RSI max/min levels to determine when stock is oversold or overbought based on historical behavior.
RSI min/max Values: [ 25 - 80 ]
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Red day on Thursday for Worksport Ltd stock after losing 1.9%
(Updated on Dec 01, 2022)


Sell candidate since 2022-11-15 Loss -12.75% PDF

The Worksport Ltd stock price fell by -1.90% on the last day (Thursday, 1st Dec 2022) from $1.57 to $1.54. During the last trading day the stock fluctuated 3.89% from a day low at $1.54 to a day high of $1.60. The price has fallen in 5 of the last 10 days and is down by -12.14% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -68 thousand shares and in total, 34 thousand shares were bought and sold for approximately $52.04 thousand.

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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 -23.52% during the next 3 months and, with a 90% probability hold a price between $0.97 and $1.57 at the end of this 3-month period.

WKSP Signals & Forecast

A buy signal was issued from a pivot bottom point on Tuesday, November 29, 2022, and so far it has risen 1.99%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Worksport Ltd stock holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $1.58 and $1.78. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.

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Support, Risk & Stop-loss for Worksport Ltd stock

Worksport Ltd finds support from accumulated volume at $1.51 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 much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved $0.0599 between high and low, or 3.89%. For the last week the stock has had daily average volatility of 3.71%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (WKSP) For The Upcoming Trading Day Of Friday 2nd

For the upcoming trading day on Friday, 2nd we expect Worksport Ltd to open at $1.56, and during the day (based on 14 day Average True Range), to move between $1.45 and $1.63, which gives a possible trading interval of +/-$0.0932 (+/-6.05%) up or down from last closing price. If Worksport Ltd takes out the full calculated possible swing range there will be an estimated 12.10% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $1.51 (1.95%) than the resistance at $1.65 (7.14%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Worksport Ltd stock A Buy?

Worksport Ltd holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.

Current score: -3.296 Open Broker Account

Sell Candidate Unchanged

Predicted Opening Price for Worksport Ltd of Friday, December 2, 2022

The predicted opening price is based on yesterday's movements between high, low, and closing price.

Fair opening price December 2, 2022 Current price
$1.56 $1.54 (Undervalued)

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Fibonacci Support & Resistance Levels

Level Price Change
Resistance 1.62 5.19 %
1.60 3.70 %
1.58 2.78 %
Current price: 1.54
Support 1.54 -0.189 %
1.52 -1.11 %
1.50 -2.59 %

Accumulated Volume Support & Resistance Levels

Level Price Chg %
Resistance 1.88 22.07 %
1.73 12.33 %
1.65 7.14 %
Current price 1.54
Support 1.51 -1.95%
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About Worksport Ltd

Worksport Ltd Worksport Ltd., through its subsidiary, designs, manufactures, and distributes truck tonneau covers in Canada and the United States. The company offers soft cover (SC) and tough cover (TC) tonneau covers, including SC3, a tri-fold cover that seals around the truck bed with a rubber gasket designed to protect cargo from moisture and debris; SC3pro that allows the operator to open the cover by pulling a release cable; and TC3, a thick aluminum tri-... WKSP Profile

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