Here’s your trade on Robinhood Markets ($HOOD) – October 9, 2024
Dan Fitzpatrick here at StockMarketMentor.com. We’re going into the hood today.
Robinhood ( NASDAQ: HOOD ), you can see where they jumped out trading back in 2021, and immediately stole from the poor and gave to the rich. All the investors who weren’t locked up ditched the stock right here, and left everybody basically trading on their Robinhood ( NASDAQ: HOOD ) platform, on their stupid phone, buying the stock all the way down.
That was then, this is now. What I see here is, this is a classic Wyckoff chart analysis. We’ve got a steep mark down here, sideways consolidation or accumulation for about a year and a half. And now we’re getting this markup phase here.
I like the way this stock’s trading, I like it a lot, I bought a slug of it today. I will just say that I’m about as bullish on this stock as I’ve ever been. I like this kind of pattern because it’s very clear to me. I’ll take the clear patterns, I don’t rely on them as foregone conclusions, but you can see the stock’s printing an all-time high.
The last time it’s been up this high was back in 2021 when it was dumpster diving here. I like this stock and I think that the trade could be a fairly low-risk trade, if you’re looking at the weekly chart, about 12 or 13 percent. But if you’re looking at the daily chart, which is what I look at for our active trade ideas, I’m looking at a risk of maybe 8 percent on this.
I like the way this is trading, I think you can buy this stock even tomorrow as long as it holds up here. But you might get an intraday move lower, we did see that today. It quickly reversed, which is why it’s typically not a great thing to be exiting positions the first thing in the morning unless you’re taking great profits, that’s the only time you want to do it.
As I see this, this is two days in a row when this thing really, really jumped up on volume. The price is basically flat on the day, but after the kind of move it had yesterday, above 25.00, I think the stock goes higher.
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