Robinhood is in the midst of a bearish reversal, says Carter Worth
Online trading platform Robinhood (HOOD) is judged to be in the throes of a “bullish-to-bearish” reversal. By our work, the stock is likely headed down to the $100+/- level. Note the poor relative performance of late versus the S & P 500 . Note, too, where the stock is trading now in relation to the well-defined uptrend line in effect since the early April, tariff-related plunge low. We’re sellers here, in anticipation of a break in trend in the days/weeks ahead. The stock hit a low of $29.66 on April 7 and a high of $153.86 Oct. 6. That’s a six-month gain of 419%. And ever since, HOOD has stalled and rolled over. The two charts below tell the tale. Sell. Price Objective: $100+/-. DISCLOSURES: All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.
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