Hello There,
welcome to my new analysis about the Robinhood (HOOD) stock on the weekly timeframe perspective. The stock already, in the past, emerged with massive bullish upthrusts, always leading to higher highs. Since it surged past the 100 level and formed new all-time highs, the bullishness has just heavily accelerated.
When looking at my chart, we can watch there how the stock has formed several bull flags within this huge uptrend acceleration dynamic. The stock already formed three bull flags, which were always origins of massive bullish expansions towards the upside. Right now the next bull-flag formation is forming, which is likely to lead to a similar bull-flag breakout.
Also, the support structure is looking really solid. The stock has strong support within the horizontal support area, which was previously resistance. Also, it has a major support within the 100-MA marked in green in my chart. This strong support confluence area is preparing the next bullish wave. Once a golden MA crossover happens as marked in my chart, this will fuel additional confirmation.
The next times will be highly important. Currently, the signs for the next expansion are really strong. With the next acceleration of bullishness, the stock is likely to expand upward and approach the upper levels of this massive formation.
Thank you a lot for watching!
What do you think about the stock?
Let us know in the comments!
VP