Robinhood, 6 Jan. Will this ever go up? Yes, it will.
Robinhood has been waterfalling down -70% since August. During the entire lifetime of the stock the Stochastic has been overbought only ONCE. The chart looks absolutely depressing, so let’s take a look if we should help and buy.
Geometry:
Price appears to approach the lower boundary of the channel. Currently the .5 fib provides support.
Elliott:
The stock only has one wave, which is DOWN. We are able to count a completing 5-wave move.
Oscillators:
The RSI surprisingly shows a bullish divergence. The Stochastic is due to move up, basically because it has never been up.
How to trade it:
The lower boundary of the channel provides a good risk-reward ratio to open a reckless long. If the stock ever climbs above the median to make a higher high, the idea is to increase long exposure. The idea is invalidated if HOOD continues to drop below 11.5.
There is a very strong support at $0.
Geometry:
Price appears to approach the lower boundary of the channel. Currently the .5 fib provides support.
Elliott:
The stock only has one wave, which is DOWN. We are able to count a completing 5-wave move.
Oscillators:
The RSI surprisingly shows a bullish divergence. The Stochastic is due to move up, basically because it has never been up.
How to trade it:
The lower boundary of the channel provides a good risk-reward ratio to open a reckless long. If the stock ever climbs above the median to make a higher high, the idea is to increase long exposure. The idea is invalidated if HOOD continues to drop below 11.5.
There is a very strong support at $0.
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