HOOD is a favorite among my top 10 holdings, being the only fintech stock I’m confident in due to its promising technical trend. The red ribbon continues to develop, with whale accumulation reaching 75.9%. The announcement of a 1B buyback has not yet been fully reflected in the stock’s price, as the post-market price movements are not captured on the daily chart, which only shows price actions up to the market close.
The current support levels for HOOD are $20.03 and $20.87, with a resistance level at $21.2. My target for HOOD is $24, then $26, and potentially as high as $30, contingent on improved fundamentals, favorable macroeconomic conditions, and continued strong whale accumulation patterns.
A look at China stocks: $BABA, $JD, $NIO, $YINN, $KWEB, $HSI, $FUTU (29 May 2024-daily)
As previously mentioned in my earlier post, monitoring the Hang Seng Index (HSI) is crucial for anyone involved in trading or investing in China stocks.
My analysis suggests that the HSI is currently experiencing a pullback. If the 18500 level is breached, the next support levels are 18300, then 18000, and potentially 17800.
Given these conditions, it’s advisable to exercise patience and wait for the bottoming cycle to conclude, rather than attempting to time the market bottom.