Workhorse Group Inc (NASDAQ:WKHS) stock sees no respite despite the continuous selling pressure. The stock is down another 11% at $9.79 on Thursday.
WKHS stock has been witnessing severe selling pressure ever since it made a record high of $42.96 in early February. The stock has slumped 75% in a matter of just 3 months.
Investors started to sell the stock after news broke that Workhorse didn’t get any part of the USPS contract and the same was given to another company.
WKHS stock had seen a big jump since last year as investors were betting that the company might win part of the USPS $6 billion contract.
So does the current correction a good opportunity to buy WKHS stock?
technically, the stock is a serious downtrend as it falls below 50-day and 200-day moving average. However, RSI below 29 may signal a dead cat bounce.
So one may expect some relief rally and one needs to see if it will be held at a higher level.
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Living in the era of dynamic tech change Alex decided to stay tuned in changes that make any person find comfort and adapt to new devices. Furthermore, gaming became his passion for spending leisure time with his close ones. Although, he has a degree in Business Administration (majoring in Finance) writing for technology and as well as finance has been one of the precious aspects of his life