📝 Full Description (for TradingView Idea Post):
Ticker:
HOODTimeframe: 30-Min Chart
Trade Type: Long (Breakout Play)
HOOD has formed a clean ascending triangle pattern over the past several days, showing higher lows converging toward the horizontal resistance at $68.00. This pattern typically signals a bullish breakout when price pressure builds toward the resistance zone — and that's exactly what we've just seen.
The stock has broken above this resistance zone with momentum, confirming the breakout. I entered this trade on the breakout candle and am now watching for price continuation toward the next key level.
📊 Trade Plan:
Entry: $68.00 (confirmed breakout)
Stop-Loss: $69.06 (just below previous consolidation high)
Target 1: $70.38 (based on measured move from triangle height)
Risk/Reward: ~1:2.2
📌 Technical Highlights:
Ascending triangle breakout
Higher lows confirming bullish structure
Breakout from compression zone on decent momentum
Resistance flip zone now likely acting as support ($68.00)
📉 Candle Behavior:
Clean breakout candle with decent follow-through suggests traders were watching this level. If volume continues to support, we could see a strong move to the upside.
📈 Next Resistance: $70.38
🧲 Support to Hold: $68.00 zone
🦅 Chart by ProfittoPath
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.