HOOD
hasn't been trading for more than a few days but a look at the 15min chart shows that there could be a few important levels to keep track of. Mainly the 786 and 618 fib lines. 786 has shown to be the low end support level that has more or less withstood heavier selling pressure. meanwhile the 618 now appears to be a level of resistance as of the last candle on Friday. Prior to that, it held up pretty consistently as a level of support. Heading into the week these will be some of the areas to keep track of. From a price standpoint, around $35.75 on the upper end of the channel and around $34.70 on the lower end. Given the dragonfly doji at the end of the day, it will be interesting to see if the same type of defensive buying is the trend to start the week. "With the latest Robinhood IPO, it’s almost a sign that institutional companies aren’t the only choice anymore and that the rise of the retail investor is alive and well...This week has been full of momentum both in broader markets and specific industries. Big news from the likes of Merck (NYSE:MKR) and Bristol-Myers Squibb (NYSE:BMY) helped shed light on the state of cancer stocks. Both companies reported significant events ranging from FDA approvals to revenue growth thanks to their cancer treatments...By the look of things, that bullish sentiment hasn’t subsided either. On Thursday, one of the biotech industry benchmark ETFs, Nasdaq’s Biotech ETF (NASDAQ:IBB), made a fresh 5-month high. Keeping this in mind, not only are cancer stocks a focus this week but the broader industry is too. In this article, we’ll take a look at several former biotech penny stocks to watch heading into the Robinhood IPO day."
Quote Source: 3 Biotech Penny Stocks To Watch On Robinhood IPO Day