What Happened
Workhorse Group (WKHS) reported a significant revenue surge in its Q1 2026 earnings call, with the company delivering stronger-than-expected top-line growth. While Workhorse is a US-listed small-cap EV manufacturer and not directly in our core coverage universe, the result is drawing attention to broader EV and technology sentiment — particularly relevant for Nasdaq and tech-adjacent names watched by Australian retail traders.
Key Levels to Watch
For the Nasdaq Composite, which captures EV and tech momentum most directly:
- Support 1: 17,800 — recent consolidation floor
- Support 2: 17,200 — the April swing low and key demand zone
- Resistance 1: 18,400 — the 50-day moving average overhead
- Resistance 2: 19,000 — psychological round number and prior breakdown level
Technical Picture
The Nasdaq remains in a short-term recovery from its April selloff but has not yet reclaimed its 200-day moving average (~18,900). The trend is still bearish on the daily chart, though momentum indicators are turning higher. RSI sits near 52 — neutral territory, suggesting neither overbought nor oversold conditions right now.
What Traders Are Watching
A clean break and daily close above 18,400 on the Nasdaq would signal the 50-day moving average has been reclaimed — a bullish trigger for many systematic traders. On the downside, a break below 17,800 would suggest the recovery rally is fading and open the door to a retest of 17,200. For EV-exposed names like Tesla (TSLA), watch the $280 level as near-term resistance and $240 as key support.
Bias
Neutral to cautiously bullish — The Workhorse earnings beat adds a positive data point for EV sentiment, but the Nasdaq needs to clear 18,400 convincingly before a sustained rally can be confirmed. Traders should wait for that level to break before adding risk.
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