NASDAQ:HOOD Shows Potential for a Breakout.

Our stockscreener has identified a possible breakout setup on ROBINHOOD MARKETS INC - A (NASDAQ:HOOD). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NASDAQ:HOOD for potential opportunities.

Technical analysis of NASDAQ:HOOD

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

We assign a technical rating of 10 out of 10 to HOOD. Both in the recent history as in the last year, HOOD has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the yearly performance of all stocks, we notice that HOOD is one of the better performing stocks in the market, outperforming 96% of all stocks.
• HOOD is part of the Capital Markets industry. There are 222 other stocks in this industry. HOOD outperforms 98% of them.
• HOOD is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• In the last month HOOD has a been trading in the 20.88 - 24.88 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Our latest full technical report of HOOD contains the most current technical analsysis.

How do we evaluate the setup for NASDAQ:HOOD?

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NASDAQ:HOOD currently has a 8 as setup rating:

Besides having an excellent technical rating, HOOD also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is very little resistance above the current price. There is a support zone below the current price at 23.16, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How to trade NASDAQ:HOOD?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

More breakout setups can be found in our Breakout screener.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.