Here’s my target on Robinhood $HOOD – February 23, 2024
This is Scott with your Chart of the Day. I want to take a look at Robinhood Markets ( NASDAQ: HOOD ).
Robinhood ( NASDAQ: HOOD ), of course, I’m talking about the trading app. There is an interesting chart shared by Vlad Tenev about Robinhood’s ( NASDAQ: HOOD ) volume. It turns out the trading volume on Robinhood ( NASDAQ: HOOD ) is starting to break records again.
That brought me to take a look at Robinhood’s ( NASDAQ: HOOD ) chart here. I actually, think it’s really interesting. Yes, it did have an ugly launch an IPO in 2021 and it puked like a lot of the rest of the market. Let’s measure it out, puking and going down for a long time.
You can say, yes, it spent a good amount of its life, let’s be fair, and say 187 bars of sideways puke and down. But if you look to the right of that, it has actually spent more of its time chopping sideways and building this really kind of long base. It is choppy, it is sloppy but it is tightening up around the moving averages
Then just recently, it broke out above that long base of consolidation to make a new 52-week high today. If you look at their earnings you can see they have 1, 2, 3, 4 positive earnings reports in a row. A long base of consolidation. And so I definitely think this is one you want to keep an eye on for a potential reversion to the mean.
Now, where is the mean? It’s hard to know when price action has pretty much just gone down its entire life. But I definitely think we should look at the low of the IPO date here, around $33.00, as a potential swing target for a move to the upside. So that is my longer-term target, I guess, right around $33.00.
It is probably not going to get there in a straight line. But if it can even just go and chop, and go and chop, I definitely think it has an opportunity to continue, at least for the year, up and to the right. And Ideally, in and around that $33.00 range for a potential longer-term swing target.
That’s my thought here on Robinhood ( NASDAQ: HOOD ). It is probably not going to follow this line exactly, but again, that is just my thought of it moving and having a definite target with some logic to it, at least for a potential swing trade or trend trade.
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