HOOD 9/23/2022
Updated
HOOD
This garbage has been in a downtrend since it went public.
After reaching low of about 6.88, price pulled back to 11.00 where it ran into resistance.
A Double top pattern as now formed with a neckline at 9.25.
There is also a bearish MACD divergence with the price action.
Looking for price to break thru neckline and continue downtrend.
Taking swing trade to previous lows.
Entering trade short.
Entry: 9.32
Stop loss: 11.56
Target: 6.90, +25.97%, 1.08 RR ratio
This garbage has been in a downtrend since it went public.
After reaching low of about 6.88, price pulled back to 11.00 where it ran into resistance.
A Double top pattern as now formed with a neckline at 9.25.
There is also a bearish MACD divergence with the price action.
Looking for price to break thru neckline and continue downtrend.
Taking swing trade to previous lows.
Entering trade short.
Entry: 9.32
Stop loss: 11.56
Target: 6.90, +25.97%, 1.08 RR ratio
Trade closed: stop reached
Stop loss: 11.56Trade active
Reentering. Price fell back below 11.00 support/resistanceEntry: 10.97
Stop loss: 13.26, -20.88%
Target: 6.90, +37.10%, 1.78RR ratio
Note
cant give up on a trade when the analysis is on point
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