Robinhood Markets sharpens decline - Analysis - 16-06-2022

Robinhood Markets' stock (HOOD) kept falling after Atlantic Equities' analysts downgraded its stock from Neutral to Underweight due to market conditions, with the stock marking a loss of 2.49%, or 18 cents, settling at $7.05, with trading volumes surpassing 32.8 million shares, above 10-day averages of 23.4 million shares. 

The decline comes amid the dominance of the main downward trend in the medium and short terms, with negative pressure from the 50-day SMA, amid positive signals from the RSI after reaching oversold levels. 

Therefore we expect more losses for the stock, targeting the support of 5.84, provided the resistance of 9.94. 

Robinhood is a financial services company based in California that provides services through an app with the same name. 

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Expected trend for today: Bearish