Robinhood Jumps 4.55% to $78.36 as Technicals Signal Sustained Bullish Momentum

Robinhood Markets (HOOD) advanced 4.55% to $78.36 in the latest session, extending its recovery from recent volatility. The analysis below synthesizes key technical perspectives without visual chart representations.
Candlestick Theory
Recent price action shows bullish confirmation patterns. The 06/18 session formed a robust white candle closing near the high ($78.36 vs. high $78.74), rejecting the 06/17 swing low of $72.86. This establishes immediate support at $72.50-$73.00 (confluence of June swing lows) and resistance at $78.75 (year-to-date high). A bearish harami pattern emerged on 06/09-10, but its reversal signal was invalidated by subsequent follow-through buying.
Moving Average Theory
The 50-day MA (currently ~$68.20) crossed above the 100-day MA (~$65.50) in early May, confirming a bullish medium-term structure. Price maintains consistent closes above the rising 200-day MA (~$58.80), affirming the primary uptrend. Current trading above all key MAs suggests sustained bullish momentum, though a test of the 50-day MA may occur if profit-taking accelerates.
MACD & KDJ Indicators
MACD exhibits a bullish crossover with histogram bars expanding positively, signaling accelerating upward momentum. KDJ readings (K: 78, D: 71, J: 92) show overbought territory alignment. While KDJ’s J-line exceeding 90 suggests near-term exhaustion risk, MACD’s strong divergence supports continuation potential. No bearish divergences are evident in either oscillator.
Bollinger Bands
Price rebounded sharply from the lower band ($70.75 on 06/10) to challenge the upper band ($78.74). Band expansion from 06/10-06/18 reflects increasing volatility with directional bias to the upside. Upper band resistance near $79.00 aligns with the candlestick resistance level, creating a key technical hurdle.
Volume-Price Relationship
Bullish volume confirmation accompanies the recent advance. The 06/18 rally occurred on 34.76M shares – notably above the 30-day average volume – validating buyer conviction. Conversely, the 06/13 decline saw below-average volume (27.79M shares), suggesting weak selling pressure. Accumulation patterns emerge from higher volume on up days versus down days since May.
Relative Strength Index (RSI)
Daily RSI (69.5) approaches overbought territory but hasn’t breached the 70 threshold. While this warrants monitoring for potential consolidation, the absence of bearish divergence and weekly RSI (74) holding below prior peaks reduces immediate reversal risk. Historically, HOOD has sustained elevated RSI readings during strong trend phases.
Fibonacci Retracement
Applying Fib levels between the March low ($35.63) and June high ($78.74), key retracement supports emerge at $63.20 (38.2%) and $57.20 (50%). The recent pullback respected the 38.2% level ($72.86 low on 06/17), while the 23.6% level ($70.40) now serves as secondary support. Confluence exists between the 50% Fib, 200-day MA, and May swing lows near $58-60.
Confluence & Caveats
Strong confluence appears at $78.75-79.00 (Bollinger upper band + YTD high + psychological resistance). A decisive close above this zone may trigger accelerated momentum. Bearish divergence is absent across oscillators, though RSI near 70 and KDJ overbought readings advise against aggressive new longs. The 50-day MA and 38.2% Fib create robust support near $68-70. Downside volume deterioration during pullbacks suggests institutional accumulation, supporting the primary uptrend’s longevity provided $63-65 support holds.