Chart of the Week: Robin Hood
Good morning everyone. It’s Wednesday, October 30. It’s time for our chart of the week. And this week we’re going to be focusing on Robin Hood Markets; symbol is HOOD. Let’s take a look at this chart. It’s really looking strong after a nice breakout in the early part of October.
We can see that resistance was set here from July – you can see that right around $25 level. And it broke out in a huge way on big heavy volume in the early part of October. And it followed through. That’s what you like to see. You like to see some follow through on a big move up. Made a nice channel over here, and just this week it broke out to touch the $28 level for the first time.
Since August, of course, the stock has been making higher lows, higher highs, which is our textbook definition of an uptrend.
We see the strength in money flow right down here on the bottom. We see MACD has also been moving higher and also been making crossover moves – higher lows, higher highs up on this one as well.
Volume trends have been pretty bullish since the middle of September. You can see the large bars are ones where the stock was up on that particular day. The cloud is green of course, moving upwards form bottom left to upper right. And RSI is very strong as well.
On the Chaikin Analytics, you can take a look at this stock here. It’s very bullish on the Chaikin Analytics. As good as it gets here. And again, here’s a stock that’s making higher highs and higher lows. And you can see even more graphic coloring of the Chaikin money flow here.
Overbought/oversold is rolling over a little bit but it’s still been in the green since the early part of September – September 9. Since that time it’s been making higher highs and higher lows. Just prior to that it was green as well.
Industry trends are strong. And they report earnings later today so we’ll see how it goes.
We like Robin Hood over here, we added it in the service, and I think it’s got a good chance to make a nice move all the way up towards $30-31 over the next couple of months.
So that’s Robin Hood.
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