WKHS trade ideas
Workhorse February outlook..!I made the call to buy workhorse on 17,21,23 with midterm target price 40-42 and longterm target of 72-110.
Workhorse tends to moves fast and then make correction slowly.
This analysis will be obsolete if workhorse close above 40.
I always try to present the charts in a simple comprehensive format to prevent any confusion.
This is just my technical view, neither a fundamental comment,nor a recommendation to trade..!
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This is my first chart, it’s on WKHSAny feedback would be appreciated, just did some trend lines and price lines, not sure if I’m going back in time too much though, if anybody has there own charts on WKHS, I’d love to see how you went about, I’m just beginning my journey in tech analysis
WKHS has Momentum....Fear of USPS contract going to WKHS will have shorts covering. More folks will pile into WKHS because of Bidens comments/EOs. Near target 55. Expect high 60s low 70s in Q2.
WKHS potential continuationWKHS has had a good run and is now consolidating. I will be looking for a continuation over the recent highs.
All time highs. WKHS looks like it passed previous highs. We are now at all time highs. Great news with the speech from Biden which was the cause of this move up. Hopefully the USPS contract gets announced soon.
#WKHS Update -WKHS after an amzing breakout of a beatiful triangle i see 5 waves up for a impulsive wave 3.
- Its looking like a deep wave 4 retracement but it aligns for a the higher degree wave looking really good!
- I do expect a sideways movement before it does go to wave 4 but breaking the low will make this count be a 1,2 which means wave 3 will be more impulsive hopefully not but if it does don't miss it .
WKHS: Bullish PennantBullish Pennant
Pros:
Descending volume during formation
PPS above 50MA and 200MA
RS above 0, and ascending
ATR Ascending
R/R ratio above 7
200MA ascending
250RSI below 50
If confirmed:
PT = 50.26$
WKHS Bullish PennantWith the high probability that WKHS will get the government contract for EV's, it is likely we will re-test the $40 range soon and likely break it as wsb people get Fear of Missing Out. This pennant should break tomorrow actually (1/29) and we can maybe see a new high.
My only concern is that some people don't understand that when insiders sell, they have to let the SEC know months in advance, so with the CEO paying himself on the 26th, some people who are uneducated see that as a sign the contract won't go through. I will be taking advantage of these people buying up their shares.
There is probably a 65% chance WKHS earns some or all of the contract in which case the holding will all be worth it, the only competitors are a gas engine, and a hybrid engine made by a Turkish company. Although Biden does not have direct control of the post office, it is quite unlikely they side with the gas or hybrid option as the goal is an American made EV - not a Turkish made Hybrid or an American Gas Engine.
People also worry about the production speed this company has... if they get six billion dollars that will not be a problem whatsoever.
I think everyone knows this is one of the best opportunities of 2020.
Please feel free to comment your thoughts.
Next stepWe will see consolidation and a formation of a bull flag before the next leg up. We have already tested the break out line area today and may retest it one more time before continuation. If you followed my last post you can see that we broke out of the triangle and now we are looking for continuation. Please like and follow for more wkhs updates.
weekly breakthrough and new highAs previous long weekly period, there were 5 weeks to finish the circle, this week is the first week as the very beginning, so rest four weeks seems to lead WKHS 100-200% finally which comparing current price, maximum after these five week it will meet $120, then several weeks correction, probably it will touch $200 in 2021Q3
Workhorse Rise on Biden EV PlanWorkhorse Rise on Biden EV Plan
WKHS rose on Tuesday, after President Joe Biden said in a speech that the U.S. government would be purchasing EVs.
"The federal government also owns an enormous fleet of vehicles, which we're going to replace with clean electric vehicles made right here in America, by American workers," Biden said.
Expect a breakout soonInverse head and shoulders within a symmetrical triangle. Breakout should happen within the next few weeks. EV sector is heating up again and Cathie Wood of ARK invest has been buying this stock heavily.
Intraday + Swing10M Confirmation Done!
you can take sniper entry at the low or enter now. take both and split risk!
up to you!
will take profits on the way up to 27.
i really hope it comes to hit my pending too.
Workhorse - finished accumulation, is the stock headed to 30$ ?Workhorse is one of our favorite EV stocks, one of the reasons for that is because it's been around for a while (started in 2007) and they are not just dealing with EV and EV batteries but also with Drone technology. Drone technology is expected to grow its use widely in the USA and following the announcement of the FAA that drones need to remotely identify themselves while in flight 2 weeks ago, made us the investors understand drones are getting into the mainstream technology space. It's worth mentioning here that Boeing (BA) got several contracts from the US Army to build advanced drones with minimum human supervision and a high level of AI and automation that will make drones the perfect tool for espionage and other covert missions. One last thing to mention on WKHS is their big contracts for delivery trucks with united states post office service (USPS) which we were a bit hesitant about till a few weeks ago when they announced it is going as planned.
Let’s talk about the important part – Technical:
So, this is pretty easy to understand – WKHS has been trading sideways from the beginning of December from 20$ to 23$. The stock broke resistance level on Jan 5th and the 23$ line is now our new support level, although it needs to be tested again. After the rally stock went down back to the 23$ line and now we are facing two possibilities :
1. Stock breaks through 27$ line and starts accumulating there and then touch 30$
2. Stock drops to the 20$ line and from there we will see a sideways trend for several weeks to months.
If we see the second option happening this will be a great time to do more ‘dollar cost averaging’ and buy the stock at a low price. We do not have a doubt that WKHS is crossing the 50$ line before the end of 2021 – I believe way before…
One main thing we need to watch is the volume of the stock:
avg volume last 3 months is: 14.7M
avg volume last 1 month is: 17.5M
avg volume last week is: 9M
We can see a decrease in volume meaning a lower sentiment (“Buzz”) around the stock. But I will use a quote here directly from InsiderMonkey: “WKHS has seen an increase in hedge fund interest lately. Workhorse Group, Inc. (NASDAQ: WKHS) was in 13 hedge funds’ portfolios at the end of the third quarter of 2020. The all-time high for this statistic is 10. This means the bullish number of hedge fund positions in this stock currently sits at its all-time high.” This is big news for the stock and it means we are looking at an accumulation stage before a mark-up phase which will cause the stock to rally up again!!!
We are long on the stock and we will keep buying more in our portfolio.
Trade safe and be safe!!
FDGT Academy.
