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- 1 Hood stock is trading below the key moving averages of 50, 100, and 200-day EMA.
- 2 Robinhood Markets Inc. stock price is in the bears’ hands; heading downward by making a lower low structure.
HOOD stock price has been struggling to break above the key resistance levels and has been stuck beneath it. Currently, HOOD stock price need more buyers to support an upward movement toward recovery. However, the trading volume is low, which indicates a lack of interest and momentum. At the same time, HOOD shares have broken below the 20, 50, 100, and 200-day daily moving averages, which are bearish signals.
HOOD’s stock price lost 1.82% last week; it fell by 8.79% in the month. Moreover, Robinhood Markets Inc. stock witnessed a decline of about 5.19% in the past six months and a plunge of 6.55% over the past year.
Also, the Robinhood share price has gained by around 10.53% year-to-date. These trends collectively show the challenges faced by HOOD shares in their recovery efforts throughout the year.
Technical indicators suggest the downside trend of HOOD stock price. Relative strength index showcases and moving average convergence divergence both indicate the slippage of HOOD share price.
The price at present requires substantial support from the buyers in order to make a recovery as it is facing major resistance from the previous resistance points and multiple moving average levels. Buyers are pulling the price into their grasp, according to the price action.
The price may soon attempt to make a bullish recovery. However, as it is trading below the key EMA levels, the buyers will have to face multiple resistance levels in order to attain the target. Buyers are presently making continuous efforts to retake charge of the trend.
On the daily charts, HOOD stock shows sellers’ dominance and slipped below neutrality, showing a negative outlook on the charts.
Overall, the technical indicators and price action suggest that HOOD stock is bearish and that the downtrend may continue.
Technical Evaluation Of HOOD Stock Price
At the time of publishing, HOOD stock is trading below the 50 and 200-day EMAs (exponential moving averages), which are supporting the price trend. The current value of RSI is 37.87 points. The 14 SMA is below the median line at 38.12 points, indicating that the HOOD stock is bearish.
The MACD line at -0.3064 and the signal line at -0.2811 are below the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the Robinhood stock price.
Summary
HOOD stock technical oscillators support the bearish trend in the 1-day timeframe. The MACD, RSI, and EMA emphasize negative signs and imply that the downtrend may continue in the Robinhood stock price. HOOD Price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.
Technical Levels
Support Levels: $9.00 and $8.00, where it could bounce back or stabilize.
Resistance levels: $10.50 and $10.05, where it could reverse or consolidate.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
