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- 1 Robinhood beats investors’ appeal over meme stocks like GameStop Corp, AMC Entertainment etc, GME Stock Price may surge now.
- 2 The GameStop stock and HOOD stock price may rebound from the current level with a strong uptrend, say analysts.
- 3 Amid the Reddit-led surge from April 2020 to January 2021, GameStop significantly stood out, surging over 9,900% ($0.86 to $86+), per Macrotrends.net.
GameStop the meme stock may surge after the Robinhood case outcome leading GME stock price to rebound from current level. The judge from the appeals court stated that Robinhood was within its rights to enforce limitations on purchases involving meme stocks.
Robinhood Lawsuit – GameStop NYSE: GME Stock Price Analogy
A U.S. federal appeals court has confirmed the dismissal of an investor class-action lawsuit against Robinhood Markets, an online brokerage, regarding the meme stock trading controversy in early 2021.
In September 2021, a collective of 16 investors initiated a class action against Robinhood Markets, the trading platform. Their claim revolved around the alleged hindrance of their purchase of 13 “meme stocks” during the hedge funds’ short squeeze in January 2021. This hindrance, they contended, led to missed profits and a subsequent decline in these stocks’ values.
Robinhood successfully secured the dismissal of the case in January 2022, asserting the plaintiffs’ failure to substantiate their claims. Undeterred, the plaintiffs took their case to the U.S. appeals court in March 2023. Regrettably for them, their efforts encountered another setback, as the appeals judge, Britt Grant, upheld the dismissal.
Judge Grant maintained that the arguments lacked legal foundation, explaining that Robinhood was well within its rights to execute the actions in question. She underlined that Robinhood had the prerogative to act as it did, as it wasn’t legally obliged to shield the investors from pure financial loss.
Judge Grant elucidated that Robinhood’s actions were permissible since it had the legal authority to restrict customers’ securities trading and to decline any transactions. This ruling confirmed the company’s capacity to operate within these confines.
After analyzing the facts checks regarding the court appeal over Robinhood by its investors’. Now analysts believe that both HOOD stock price and GME stock price may surge with a strong upside trend over the charts.
Meanwhile, analysts from an esteemed financial firm added that GameStop stock price may recover maximum in 2023. Moreover, amid the Reddit-led surge from April 2020 to January 2021, GameStop significantly stood out, surging over 9,900% ($0.86 to $86+), per Macrotrends.net.
GameStop Corp NYSE: GME Stock Price Technical Analysis
GME stock price may surge with a strong upside trend over the daily time frame chart with a strong rebound according to analysts. However, GME stock price is currently trading below 20, 50, 100 and 200-days daily moving averages. Meanwhile, GME stock price may initiate its surge from the current support zone and outperform the market on Friday’s trading session and may continue the surge to Monday’s trading session.
Technical indicators suggest the upside trend of GME stock price. Relative strength index indicates the return of GameStop stock price from the oversold territory. However, moving average convergence divergence suggests that GME shares still struggle to gain a strong upside trend.
RSI was at 33 and was returning from the oversold zone to be neutral. The MACD line on the other hand is still below the signal line and waiting for a positive crossover. Investors in GameStop Corp (NYSE: GME) need to wait until GME stock price initiates the recovery from the current level and investors mustn’t miss the chance to stake.
Robinhood Markets Inc NASDAQ: HOOD Stock Price To Rebound
As the news spread regarding Robinhood beating investors’ appeal over meme stocks like GameStop Corp, AMC Entertainment etc. Analysts came forward to provide some great insights over the price action of HOOD stock price as well as GME stock price.
Moving forward to discuss Robinhood’s HOOD stock price, analysts anticipate a potential upswing in the stock price once it garners backing from its existing level based on the daily time frame chart.
Concurrently, efforts are being made to secure support from the 200-day moving average (DMA), while simultaneously striving to stay above the 100-DMA threshold in order to facilitate a rebound beyond the 20 and 50-exponential moving averages (EMA).
Analysts also anticipated HOOD stock price to recover till the $13.25 mark with strong upside trend. Buyers may accumulate at a significant rate during Friday’s trading session.
Nevertheless, technical indicators suggest the downside trend of HOOD stock price for now. Relative strength index and moving average convergence divergence both confirm the declining momentum of HOOD shares.
RSI was at 37 and is trying to resist being oversold. The MACD line below the signal line after a negative crossover. Investors in Robinhood Markets Inc (NASDAQ: HOOD) stock need to wait until HOOD stock price initiates its recovery towards the $13.25 mark.
Summary
GameStop the meme stock may surge after the Robinhood case outcome leading GME stock price to rebound from current level. Robinhood beats investors’ appeal over meme stocks like GameStop Corp, AMC Entertainment etc, GME Shares may surge now. Technical indicators suggest the upside trend of GME shares. Analysts also anticipated HOOD stock price to recover till the $13.25 mark with strong upside trend.
Technical Levels
Support Levels: $10.70 and $10.65
Resistance Levels: $11.10 and $13.25
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
