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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.
Expected trend for today: Bullish
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