- NASDAQ: WKHS is set to increase its gains after staging a recovery on Monday.
- The shares face three technical hurdles on their way up.
- Hopes for fiscal stimulus – regardless of who becomes president – may also provide support.
The technical stars were aligned for NASDAQ: WKHS – and it has capitalized on them. As mentioned, shares of Workhorse Group Inc closed last week above the late September trough, setting a higher low and a bullish outlook. Indeed, the Ohio-based company's stock rose by 3.39% on Monday to close at $24.42.
Pre-market data suggests that WKHS is set for additional gains of around 1% to $24.70. What are the next levels to watch?
The first hurdle is $25, which is a psychologically significant level and also a battleground in late September. Round numbers tend to serve as "magnets" for both buyers and sellers.
Further above, the next cap is at $28.13, which was Monday's closing peak. That high was achieved after President Donald Trump was pictured viewing a Lordstown Motors truck. Workhorse has a lucrative 10% stake in the fellow Ohio-based firm that makes electric delivery vans.
The third level to watch and upside target for NASDAQ: WKHS is $30.60, which was the closing level on September 10 and the highest level at which Workhorse's share settled, just below the 52-week high of $30.99.
WKHS stock news
Workhorse's shares trade mostly in response to news related to the company, which makes EVs and also drones. It is also impacted by developments related to Lordstown. If that company goes public via a Special Purpose Acquisition Company (SPAC), NASDAQ: WKHS could cash in on its stake.
However, with a lack of news on these two automotive firms, the broader market mood could make a difference. Republicans and Democrats are engaged in tense negotiations on Capitol Hill, discussing the next fiscal stimulus package. If they strike a multi-trillion accord, all boats could rise – including Workhorse Group Inc.
More WKHS Stock News: Workhorse Group Inc seems like a win-win on any election result
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