EarningsBeats.com Digest for September 11, 2020
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With A Short Squeeze, You Really Want A Work Horse!
Seriously. Workhorse Group (WKHS) broke out recently above early July price resistance and it's certainly poised to see panic buying. Volume and price action over the next several days will be critical. One downside is that we could see more volatility ahead in our major indices, making it more difficult for individual stocks to perform well. But if the stock can print new highs, it will really begin to put pressure on those short
sellers who are betting against the stock. Here's the current chart:
With 21.42% of its float short as of August 15th, WKHS is a potential short squeeze candidate. The one negative is that we saw a reversing dark cloud cover candle print on Thursday, increasing the odds of further weakness on Friday. If we do see further short-term selling, then price support just above 21 would be the bulls' first line of defense with the rising 20 day EMA at 18.68 the next key level of support.
Happy trading!
Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
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