In today’s episode of Talking Markets With Marc And Andrew, we selected Workhorse (WKHS) as our pick of the week. The stock established an outside bar formation at an attractive support level which may be the beginning of the next leg higher. And with the way this thing moves, it is within reason to see the low 20’s over the next week. Instead of just jumping in and buying the high, we look to capitalize on price noise which is very common in these type of stocks.
Back On The Saddle With Workhorse:
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Workhorse (WKHS) has been a recent dramatic runner starting from somewhere in the 2’s and going to 23 in a short period of time. Stocks like this are often news driven and since they are inexpensive, they attract A LOT of day traders. They can be very instrumental in pushing such a stock even further, at least over the short term.
It has been on our radar in recent weeks and has established a key support around the 14.50 area. Now that an outside bar developed, it can be the beginning of the next leg higher which can reasonably lead to a test of the mid 20’s over the next few weeks.
Buy Limit: 15.85
Stop Loss: 13.85
Target 1: 19.85
Target 2: 22.85
Target 3: 25.85
R:R 3.5 (Note: R:R on the chart is incorrect)
We are using a limit order to try and capitalize on price noise. If it never fills, no problem, there are plenty of other opportunities across all the markets that we follow.
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Here is one that I streamed today:
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