Resistance

Time

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Robinhood stock price (NASDAQ: HOOD) fell approximately 18% in August 2023.</a> </li> 
 <li> <span>2</span> <a>HOOD stock price defends $10 and displays a bullish engulfing candle.</a> </li> 
 <li> <span>3</span> <a>Robinhood Markets Inc. stock is facing hurdles at the 200-day EMA.</a> </li> 
</ul> 
<p>Robinhood Markets Inc. HOOD stock price corrected approximately 18% in the current month and formed a bearish pattern. It faced sharp rejection from $13.00 and prices showed a steep fall.&nbsp;</p> 
<p>Robinhood stock price drops below the 200-day EMA denoting that the trend has reversed down and bullish momentum is lost.&nbsp;</p> 
<p>However, from the past few sessions, HOOD stock price has been recovering and buyers are trying to climb above the 50-day EMA. If the buyers succeed then recovery might continue for some more time.&nbsp;</p> 
<p>Robinhood Markets Inc. released the previous quarterly earnings on August 2, 2023. It reported a positive EPS of 0.03 and a revenue of $486 Million.&nbsp;</p> 
<p>Robinhood (NASDAQ: HOOD) beats the EPS estimate by 326.83% and the revenue estimate by 2.76%.&nbsp;</p> 
<p>Despite that, HOOD stock price reacted negatively and fell 7% after earnings. Later, the correction in the HOOD shares continued and sellers dragged the prices to $10.00. Luckily, buyers are active near $10 and managed to defend it.&nbsp;</p> 
<p><a href="https://www.thecoinrepublic.com/2023/08/23/hood-stock-forecast-buy-sell-or-hold-robinhood-in-2023/" target="_blank" rel="noopener noreferrer nofollow">Robinhood</a> stock price closed the previous session at $10.55 with an intraday rise of 0.09%. The market capitalization stands at $9.61 Billion.</p> 
<h2 class="wp-block-heading" id="strong-is-the-correction-over-in-hood-stock-strong"><strong>Is the Correction Over in HOOD Stock?</strong></h2> 
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  <img decoding="async" src="https://lh6.googleusercontent.com/6v2UZegVnSSdQ2x8054ONpOjtTHjpbC5LgH-qzYM7jxy86iTR-xEtHPJZZegQ-lmuJxzagMr2veBWbV2zRtA_H7ZOZgDK_dzlkRsDwhOT2nshedJhISD9YlFheDh0trQwzZ5hAk8i0XJdeo4AgB-VQ" alt="Robinhood Stock: HOOD Stock Defends $10, Time for Reversal?"> 
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    NASDAQ: HOOD daily chart by <a href="https://www.tradingview.com/x/XnnNtRWi/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a> 
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</div> 
<p>HOOD stock price is in a correction phase and sellers seem more active as compared to buyers. However, the Robinhood <a href="https://www.thecoinrepublic.com/2023/08/23/hood-stock-forecast-buy-sell-or-hold-robinhood-in-2023/" target="_blank" rel="noopener noreferrer nofollow">stock price</a> has corrected a lot so a minor consolidation or short-term pullback rally is possible.&nbsp;</p> 
<p>Till the HOOD price sustains above $9.85, the recovery may continue for a few weeks. But the prices will pick up the momentum when buyers are able to regain the EMAs.&nbsp;</p> 
<p>On the other hand, if the price drops below $9.85, then more downside will open. Technical analysis suggests the correction in the HOOD stock is not over but a short-term pullback is possible.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-shorts-positions-are-getting-closed-in-robinhood-stock-strong"><strong>Shorts Positions are Getting Closed in Robinhood Stock</strong></h3>  
<div class="tradingview-widget-container">
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<p>Robinhood stock price (NASDAQ: HOOD) formed a small bullish candle. It indicates short positions are getting closed. However, the fresh buying in the HOOD stock will be visible when buyers regain $11.00.&nbsp;</p> 
<p>The MACD curve in the HOOD share is reversing upward and might display a positive crossover. On the other hand, the supertrend still shows that prices are in the bears’ grip. The RSI at 42 denotes weakness but if the prices recover then it might test the neutral territory.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>Robinhood Markets Inc. HOOD stock price fell 18% from the recent swing high. The majority of the downfall in Robinhood stock came after quarterly earnings.&nbsp;</p> 
<p>So, it seems like some genuine investors have taken an exit from higher levels. Therefore, the possibility of a trend reversal in HOOD remains low.</p> 
<h5 class="wp-block-heading"><strong>Technical Levels</strong></h5> 
<ul> 
 <li>Resistance levels: $11.79 and $13.24</li> 
 <li>Support levels: $9.85 and $8.31</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Robinhood Stock: HOOD Stock Defends $10, Time for Reversal?

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