I am not a huge fan of WD-40 as a lubricant. The WD stands for 'water displacer'.
I would remove the cap from the chassis and soak the shaft and bearings with a good foaming graphite penetrant lube and blow it off with compressed air. Repeat this while gently working the movement. try to find where the binding is. If it is meant to free up, it will. A good used cap should be availible somewhere if needed.