Robinhood price action indicates bullishness, as HOOD stock keeps trying to reach the upper side in the bullish zone and ignores the rejections. The bears are still making short positions and trying to cause a pullback in the stock.
Robinhood stock displayed bullishness and kept trying to break the key moving averages. Bulls are accumulating the stock and getting ready to cross $10 in the next sessions.
The chart formation shows the bulls’ momentum and signals a positive outlook on the charts. HOOD stock is aiming to achieve a breakout soon, and investors are watching it closely.
The price action shows a strong chart structure with buyers’ dominance, and long buildup activity was noted in the past trading sessions. Furthermore, sellers were now becoming cautious due to the vertical rally that trapped sellers in the past weeks.
Robinhood’s price was at $9.69 and has gained 2.22% of its market capitalization during the day’s trading session. The last 24-hour trading volume was 8.838 Million and the last 10 days’ average trading volume is 5.381 Million. This demonstrates that buyers are trying to accumulate to surge toward the upper price range.
Technical Analysis of Robinhood Stock Price in 1-D Timeframe
Robinhood Markets Inc. ( NYSE: HOOD) has steadily seen its stock price rise for the past month, gaining 1.25% and 5.33% in the last week. Currently, HOOD stock is trading at $9.69 and has been trying to hold on to this level after an unexpected surge in price.
Currently, Robinhood stock (NYSE: HOOD) is trading above the 20-day EMAs (exponential moving averages), which are supporting the price momentum.
The current value of RSI is 54.66 points. The 14 SMA is below the median line at 41.26 points which indicates that the Robinhood stock is bullish.
The MACD line at -0.1606 and the signal line at -0.2444 are below the zero line. A bullish crossover is observed in the MACD indicator which signals strength in the momentum of the HOOD stock price.
One Week Time Horizon Analysis
Robinhood stock has shown buyers’ strength in the last week on the weekly charts. Moreover, the price traded above the key EMAs, which shows further strength in the stock. The RSI curve is near the median region at 47, and a positive outlook was noted, indicating bullishness in the stock. The MACD indicator also persisted to form red bars, and a bearish crossover was noted, which signals bearish moves.
Summary
Robinhood stock (NYSE: HOOD) technical oscillators support the bullish trend. The MACD, RSI, and EMA are emphasizing positive signs and imply that the uptrend may continue in the HOOD stock price. Price action suggests that the investors and traders are bullish on the 1-Day time frame. The price action reflects a bullish perspective at the moment. However, Investors and traders should wait for proper setup for the next move and avoid FOMO.
Technical Levels
Support Levels: $8.91 and $8.00.
Resistance Levels: $10.38 and $9.78.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/11/07/robinhood-stock-prediction-will-hood-stock-be-bullish-in-2024/