Robinhood pierces current resistance - Analysis - 04-08-2022

Robinhood's stock (HOOD) rose after pledging to focus on retail investors, while announcing a cut of 23% in the workforce due to weak trading while reporting a larger loss than expected, at 34 cents per share, with active monthly users down to 14 million, with the stock surging 11.7%, or 1.08 points, settling at 10.31, with trading volumes surpassing 37.4 million shares, above 10-day averages of 10.7 million shares.

The stock managed to pierce the resistance of 9.94, buoyed by trading above the 50-day SMA, with positive signals from the RSI.

Therefore we expect more gains for the stock, targeting the first resistance at 12.50, provided it settles above 9.94. 

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Expected trend for today: Bullish