- Robinhood Stock Price (NASDAQ: HOOD) is consolidating in a narrow range between $8.00 to $12.00.
- Hood Stock trying to keep the price above the 50 day EMA.
- Robinhood Markets meets EPS as well as revenue estimates in quarter earnings.
Robinhood Stock Price (NASDAQ: HOOD) recovered 10% approx from the recent swing low at $8.21. It formed a double bottom pattern and buyers trying to push the price above the 50 day EMA to turn the short term trend.
Hood Stock Price is consolidating in the narrow range between $8.00 to $12.00 in a hope of positive breakout. However, due to the strong presence of sellers, prices are facing hurdle on the higher levels.
Hood stock price is still below the 200 day EMA shows positional trend is in the downward direction. Any short term up-move will face difficulty to sustain on higher levels.
Robinhood Markets (NASDAQ: HOOD) released the previous quarter earnings on May 10, 2023. It reported EPS of -0.57 and revenue of $441 Million. Robinhood met the EPS estimate by 7.53% and revenue estimate by 3.82.
The Hood Stock prices did not react much and remained in the range. Robinhood stock closed the previous session at $9.12 with an intraday rise of 1.00%. The market capitalization stands at $8.23 Billion.
Will Robinhood Stock test the previous swing high
Robinhood Stock price did not perform well in the past few months and traded with a bearish bias. Presently, the price is near to the downward sloping trendline which is acting as an immediate hurdle for bulls.
If prices break the trendline then we might see a short term rally toward $10.22 level. However, the Hood prices will pick up momentum when buyers break out of the $11.50 hurdle. Till then consolidation in the wide range is only expected.
On the other hand, if HOOD price faces rejection then bears may try to drag it down to the yearly lows.
The broader market index Nasdaq composite is rising and showed a meaningful breakout. If the Index performs well then it might positively impact the price of hood stock.
No signs of sharp up-move visible in Hood Stock
Hood Stock forming a bullish hammer candle on a weekly time frame shows mild bullishness. However, no signs of sharp up-move or down-move are visible.The next phase of rally in the Hood stock will begin only above $11.50 level.
The technical indicators like MACD curve have positively intersected with the moving average. It indicates prices are likely to trade with the bullish bias. The RSI at 53 sloping sideways denotes neutral territory and balance between buyers and sellers.
Conclusion
Robinhood Stock Price (NASDAQ: HOOD) recovered 10% approx from lows and attempting to break the trendline. If the breakout happens then a short term rally toward $10.22 is possible.
The technical analysis suggests, Hood stock price is near to the lower range of consolidation and reversal is possible.
Technical levels
Resistance levels: $10.22 and $11.50
Support levels: $8.50 and $7.56
Disclaimer
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