HOOD stock slides 6% as market sell-off tests Robinhood’s rally
Robinhood Markets’ HOOD stock fell more than6%as selling spread across much of the US equity market.
The decline interrupted a recent rally that it saw and pushed the price towards$107. But there was no major negative announcement from the company that fully explains the size of the fall it saw.
HOODstarted 거래 at around$111. 72before falling as low as$105. 86. It was 거래 at around$107. 02at the time of this writing, dropping by6. 39%.
The move became considerably steeper after it recorded a3. 27%decline to$110. 60earlier in the market.
But it was not only Robinhood that took a tumble. According to the market heatmap, loss was incurred in the areas of technology, financial, retail, and consumer companies, amongst others. Apple, Alphabet, Microsoft, and Amazon are some of the large stocks hit by a slide.
However, Robinhood’s loss was much bigger than what most major companies suffered, so possibly the broader sell-off played a significant role, but was not the only factor for decline.
The stock may also be seeing some profit-taking as it recently breached above $120.
As can be seen from its chart, HOOD lost much of its early September upward momentum; its Relative Strength Index [RSI] was down to49. 65, showing balanced buying and selling pressure.
Anything above the$110 to $114price area is the first sign that buyers are coming back, but this does not happen, it may struggle to regain its recent strength.
Near$105is the low price level to watch, and if that cannot hold, HOOD can go down to$100. If HOOD can hold above$105, there’ll be room for a HOOD share price increase once the markets recover.
Adewale Olarinde is a 암호화폐 journalist and data-driven storyteller with a Master’s degree in International Relations. He covers digital assets, markets, and policy with a focus on clarity and context. Outside of work, he’s a lifelong Manchester United supporter and a big music lover.
출처: AMBCrypto