Robinhood Markets Inc (HOOD) Stock Price Analysis : Hood stock price prepares for Q4 earnings

• Robinhood stock price stuck in the narrow range consolidation and struggles to hold the 50 day EMA
• NASDAQ : HOOD stock price is up by 19% on a monthly basis and formed bullish reversal candle
• Hood stock price attempting to break out of the $10.00 hurdle level

Robinhood Markets Inc, stock prices are trading with mild bullish cues and bulls are trying to hold the prices above the 50 day EMA. However prices are near to the supply zone and it will be interesting to see how prices react in the resistance level. Currently, NASDAQ : HOOD stock price is trading at $9.71 with the intraday gains of 0.21% and market cap stood at $8.098B

Will the seller’s step back, if Robinhood stock price breakout $10.00 ? 

On a daily time frame, Robinhood Markets Inc stock prices are quite volatile and have tried multiple times to sustain above the 50 day EMA but got rejected due to the bear’s dominance on the higher levels. 

In the beginning of January, Hood stock price took support at $7.60 and formed a bullish reversal pattern which has derived the positive sentiment and price recovered 19% approx from the lows. Recently, Robinhood stock prices had again attempted to break out of the 50 day EMA and luckily bulls seem to be succeeding in this attempt. However, prices are near to the supply zones and it will be difficult for bulls to hold higher levels.

Robinhood Markets Inc, financials are not up to mark as the company struggles to become profitable. According to the data in Yahoo finance, the average revenue estimates of the March 2023 quarter stands at $449.18M which is higher than the estimates of the December 2022 quarter stands at $395.1M.

However, it will be interesting to see how the prices will react in the quarterly results which are expected to be released on 8 February 2023. 

Robinhood stock technical indicators are turning mild bullish as prices get ready for the Q4 earnings. According to price analysis, $10.41 will be acting as an immediate hurdle for bulls and if bulls succeeded to break out of the $10.41 hurdle level then we can see a rally towards $12.55 in a short period of time.

However, if prices react negatively to the Q4 earnings then $7.61 and $6.81 will act as a savior for bulls. The MACD had generated a positive crossover indicating the bullishness to continue for some more time whereas the RSI curve at 62 sloping sideways denotes the strength of the bulls.

Summary

Robinhood stock price seems to be returning into the bullish track and if Q4 earnings beat the estimates then prices will surely attempt to break out of the $10.00 hurdle level which can trigger a positive sentiment and can reverse the short term trend in the favor bulls. However, if prices react negatively and drop below the $7.00 then bear’s can try to drag it further down towards new lows.

Technical levels

Resistance levels : $10.81 and $12.55

Support levels : $7.61 and $6.81

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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