Workhorse Stock Forecast
Workhorse stock price up 1.58% on Tuesday
(Updated on Apr 23, 2024)
The Workhorse stock price gained 1.58% on the last trading day (Tuesday, 23rd Apr 2024), rising from $0.158 to $0.161. During the last trading day the stock fluctuated 6.27% from a day low at $0.160 to a day high of $0.170. The price has fallen in 8 of the last 10 days and is down by -23.38% for this period. Volume fell on the last day by -4 million shares and in total, 12 million shares were bought and sold for approximately $1.90 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $0.147 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -30.18% during the next 3 months and, with a 90% probability hold a price between $0.102 and $0.192 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 Thursday, April 18, 2024, and so far it has risen 5.58%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Workhorse 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 $0.167 and $0.226. A break-up above any of these levels will issue buy signals.
Support, Risk & Stop-loss for Workhorse stock
Workhorse finds support from accumulated volume at $0.158 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 $0.0100 between high and low, or 6.27%. For the last week, the stock has had daily average volatility of 10.97%.
Workhorse is oversold on RSI14 (20). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
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 Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Workhorse Group to open at $0.163, and during the day (based on 14 day Average True Range), to move between $0.144 and $0.178, which gives a possible trading interval of +/-$0.0173 (+/-10.78%) up or down from last closing price. If Workhorse Group takes out the full calculated possible swing range there will be an estimated 21.56% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $0.158 (1.55%) than the resistance at $0.173 (7.33%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Workhorse Group stock A Buy?
Workhorse 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: -4.217 Sell Candidate Unchanged
Predicted Opening Price for Workhorse Group of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $0.163 ( 1.49%) | $0.161 |
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 | 0.173 | 7.71 % | |
| R2 | 0.169 | 5.33 % | ||
| R1 | 0.167 | 3.87 % | ||
| Current price: | 0.161 | |||
| Support | S1 | 0.159 | -0.88 % | |
| S2 | 0.157 | -2.35 % | ||
| S3 | 0.153 | -4.72 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.195 | 21.13 % | |
| R2 | 0.184 | 14.11 % | ||
| R1 | 0.173 | 7.33 % | ||
| Current price | 0.161 | |||
| Support | S1 | 0.158 | -1.55% | |
| S2 | 0.152 | -5.28% | ||
| S3 | 0 | . |
FAQ
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