Stock Traders Daily says HOOD has room to increase

December 05, 2023, 13:51 pm ET, BY Thomas H. Kee Jr- Editor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Stock Traders Daily says that Robinhod (NASDAQ: HOOD) is likely to continue to increase if it remains above intra channel resistance.  The stock moved from lower support, turned higher, and broke above intra chanel resistance too.  If this breakout holds an additional increase to the upper resistannce level for HOOD is likely.  This data updates in real time on the My Stocks page offered by Stock Traders Daily.

Longer Term Trading Plans for HOOD

• Buy HOOD slightly over 10 target 11.55 stop loss @ 9.97 Details

The technical summary data tells us to buy HOOD near 10 with an upside target of 11.55. This data also tells us to set a stop loss @ 9.97 to protect against excessive loss in case the stock begins to move against the trade. 10 is the first level of support below 10.1821 , and by rule, any test of support is a buy signal. In this case, support 10 is being tested, a buy signal would exist.

• Short HOOD slightly under 11.55, target 10, stop loss @ 11.58 Details

The technical summary data is suggesting a short of HOOD as it gets near 11.55 with a downside target of 10. We should have a stop loss in place at 11.58though. 11.55 is the first level of resistance above 10.1821, and by rule, any test of resistance is a short signal. In this case, if resistance 11.55 is being tested, a short signal would exist.

Swing Trading Plans for HOOD

• Buy HOOD slightly over 11.55, target n/a, Stop Loss @ 11.52 Details

If 11.55 begins to break higher, the technical summary data tells us to buy HOOD just slightly over 11.55, with an upside target of n/a. The data also tells us to set a stop loss @ 11.52 in case the stock turns against the trade. 11.55 is the first level of resistance above 10.1821, and by rule, any break above resistance is a buy signal. In this case, 11.55, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short HOOD slightly near 11.55, target 10, Stop Loss @ 11.58. Details

The technical summary data is suggesting a short of HOOD if it tests 11.55 with a downside target of 10. We should have a stop loss in place at 11.58 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 11.55, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Day Trading Plans for HOOD

• Buy HOOD slightly over 11.55, target n/a, Stop Loss @ 11.52 Details

If 11.55 begins to break higher, the technical summary data tells us to buy HOOD just slightly over 11.55, with an upside target of n/a. The data also tells us to set a stop loss @ 11.52 in case the stock turns against the trade. 11.55 is the first level of resistance above 10.1821, and by rule, any break above resistance is a buy signal. In this case, 11.55, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short HOOD slightly near 11.55, target 10, Stop Loss @ 11.58. Details

The technical summary data is suggesting a short of HOOD if it tests 11.55 with a downside target of 10. We should have a stop loss in place at 11.58 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 11.55, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

HOOD Ratings for December 05:

Term →	Near	Mid	Long
Rating	Strong	Strong	Neutral
P1	0	0	8.59
P2	9.39	9.02	10
P3	9.73	9.56	11.55

Support and Resistance Plot Chart for HOOD

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