Shares in Robinhood Markets (HOOD) will likely remain on investors’ radar screens Tuesday after Morgan Stanley 澳洲幸运5官方开奖结果体彩网:upgraded the stock and significantly raised its 澳洲幸运5官方开奖结果体彩网:price target, saying that the company sits well-positioned to benefit🐻 from the outcome of the U.S. presidential election.

The investment bank, which lifted its price target on the stock to $55 from $24, said a likely reduction in 澳洲幸运5官方开奖结果体彩网:cryptocurrency regulation by the incoming Trump administration sets up an active retail trading environment in 2025. The bank added that a recovery in 澳洲幸运5官方开奖结果体彩网:merger and acquisition activity, and more 澳洲幸运5官方开奖结果体彩网:initial public offerings also supports an increase in revenue-generating ac🦄tivi👍ty.

Robinhood shares have nearly tripled since the start of the year as of Monday’s close, boosted by a recovery in trading revenues and the expansion of its product range. The stock gained more than 3% in Monday's regular session, hitting a three-year high, before slipping 1.2% to $37.40 in after-hours trading.

Below, we break down the technicals on Robinhood’s 澳洲幸运5官方开奖结果体彩网:weekly chart and identify important price levels worth♓ watching ou༒t for.

Overbought RSI Indicator

After breaking out from a 澳洲幸运5官方开奖结果体彩网:triple bottom in February, Robinhood shares have spent most of the year trending sharply higher apart from a brief 澳洲幸运5官方开奖结果体彩网:retracement to the 50-week moving average (MA) and the pattern’s upper trendline during the early-August broad market sell-off.

While the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) confirms bullish price momentum with a reading above 70, the indicator also flashes 澳洲幸运5官方开奖结果体彩网:overbought conditions in the stock, which could tri🍬gger short-term profit-taking.

Let’s look at several key 澳洲幸运5官方开奖结果体彩网:support and resistance lev🧜els on Robinhood’s chart that investor💮s may have their eyes on.

Important Support Levels to Monitor

Upon an initial retracement, investors should keep track of the $24 region. This area on the chart may attract buying interest near the prominent June and July peaks. Such a move would represent a decline of about 40% from this week’s high, a similar percentage drop to the stock’s summer pullback.

Selling below this level may see the shares revisit lower support around $20, an area on the chart where investors could seek 澳洲幸运5官方开奖结果体彩网:entry points near the April 澳洲幸运5官方开奖结果体彩网:swing high and upward sloping 50-week MA.

Key Resistance Levels to Watch

Ongoing bullish price momentum could see the shares initially rally up to around $45, a location on the chart where the price may run into overhead selling pressure near a minor 澳洲幸运5官方开奖结果体彩网:countertrend peak that formed early in the stock’s steep 澳洲幸运5官方开奖结果体彩网:downtrend between August 2021 and June 2022.

Finally, a close above this level may lead to a test of the key $60 area. Investors who have purchased the shares at lower prices could look to sell near the 澳洲幸运5官方开奖结果体彩网:psychological round number, which also closely aligns with the stock’s high price on its third week of trading after 澳洲幸运5官方开奖结果体彩网:going public in mid-2021.

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