![]() ![]() Do not invest or trade capital you cannot afford to lose. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. ![]() Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. ![]() And could be suggesting that the end of this correction could be close.įURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY Momentum on the recent Jan 24 low was very strong. It is also well below the 61.8 retrace which comes in at 16.63. The equal leg blue box is not providing any good level due to the depth of the ((A)). Further downside can still take place before the next cycle higher resumes. It has already pulled back enough to almost erase the whole rally from the low. In conclusion, as one can deduce, this stock is very volatile. The all-time low is at 28 cents, as long as prices remain above that low, it is favored that this pullback is a wave II before resuming higher in a Wave III. The stock is probing deep levels of price. From the ((B)) peak, Workhorse is now in another impulse lower for ((C)) of Red II. ((A)) and ((B)) have clear technicals to support that swing as the connector. It has been a very technical correction so far. From that Red I peak set Feb 4/2021 42.96, the stock has experienced a very deep correction. This cycle has momentum divergence at the Feb 2021 peak to give evidence that an impulse from the 2018 low has taken place. After that, a new cycle higher has been established. The all-time low for Workhorse came in late 2018 at the 28 cents low. Well what do the technicals say about the outlook? Lets take a look. On November 9, 2021, Workhorse confirmed it’s SEC and Department of Justice investigations in a regulatory filing which stated that the investigations were related to the trade of securities in the company leading up to the award of the USPS contract to Oshkosh.”Īs you can see, the company faced some troubles in November 2021. The report also stated that Workhorse was being sued by some shareholders in the company, which accuses them orchestrating its USPS as part of an insider trading scheme. In November 2021 it was reported that Workhorse faced a Department of Justice investigation as well as an SEC investigation that was first reported in a September 2021 report by short selling research firm Fuzzy Panda who accused the company of fraud which was followed up by a Cincinnati Enquirer report which found that top Workhorse executives and board members sold off $60 million worth of stock and that part of the selling occurred following interactions with postal officials which signaled their USPS bid was in trouble. President and COO Duane Hughes became the new CEO of Workhorse. In February 2019, Steve Burns, co-founder of AMP Electric Vehicles and CEO of Workhorse decided to resign from the company. On January 4, 2016, the Company was approved by Nasdaq Capital Market and its common stock started being quoted on Nasdaq under the symbol “WKHS” (NASDAQ: WKHS). In 2015, AMP changed its company name to Workhorse Group Incorporated. In March 2013, AMP Electric Vehicles took over Workhorse Custom Chassis, LLC’s assets and began offering a range of electric vehicles. Navistar then shuttered the plant in 2012 to cut costs after having suffered heavy losses. By 2005, they were taken over by Navistar International, which had been selling them diesel engines. “Workhorse Custom Chassis, LLC was founded in 1998 by investors who took over the production of General Motors’ P30/P32 series step van and motorhome chassis. And after that, I was looking for a pullback correcting the whole cycle from the all-time low. The last time I looked at Workhorse was in August 2020, I was still expecting some further upside to take place.
0 Comments
Leave a Reply. |