- NASDAQ: WKHS is set to drop for the fourth consecutive day.
- Workhorse Group may still close the week higher, which would keep bulls content.
- Trump’s photo with a Lordstown Motors truck may continue supporting the EV-maker moving forward.
President Donald Trump is always prominent in the news – and even more so on Friday, after he tweeted that he contracted COVID-19. Trump’s coronavirus has thrown markets into disarray as the clock ticks down toward the November 3 elections.
NASDAQ: WKHS is set to fall by around 5% on Friday, extending its losses after shedding 0.79% on Thursday to close at $25.08. However, there are reasons to be cheerful.
The slide in the broad S&P 500 index and in NASDAQ – where Workhorse is trading – is weighing on the Ohio-based electric vehicle maker. Political uncertainty is always adverse for the economy and for stocks.
NASDAQ: WKHS has an even more significant dependence on the current occupant of the White House and especially this week. Trump was pictured viewing a Lordstown Motors truck early in the week, a report that sent Workhorse – which owns a stake in that firm – soaring by some 16%.
Since then, shares have gliding lower. The weekly close – above or below the critical $22.13 level – is critical to the upbeat sentiment in NASDAQ: WKHS. Higher lows serve as bullish technical indications for stocks. If shares fall below this close, it would serve as a lower low, forming a bearish downtrend.
While Trump’s coronavirus contraction may risk the firm, it is essential to remember that rival Joe Biden may also be beneficial to Workhorse and the broader electric vehicle sector. Democrats have championed green energy and if they win a clean sweep, NASDAQ: WKHS could resume its gains.
See WKHS Stock News: Workhorse Group Inc seems like a win-win on any election result