PennyStocks101

3rd Time A Charm for RKT?

NYSE:RKT   Rocket Companies, Inc
RKT 15 min chart showing a very touchy level at the 786 fib line. If broken and held above, this would be the 3rd time that it has done so in a short period of time. But will it stick this time? Strong volume and price action on Aug 2nd. Upcoming earnings will likely determine the trend for RKT stock heading into the middle of H2 2021. You've also got a little bit of the "meme stocks" trend to keep in mind. RKT has been part of this a few times over the last few months as well.

"Retail traders say, “I’m Not Leavin’,” as the hoard of Redditors began forming alliances. Subreddits like r/WallStreetBets, r/PennyStocks, and r/Stocks, all built massive followings of loyal members looking to collaborate, and, in some cases, commiserate with eachother and the market was the centerpiece...This mob mentality would ultimately stoke the fire that became the massive GameStop (NYSE: GME ) short squeeze of 2021. The event would eventually spark interest in similar – or sympathy – trades like Express (NYSE: EXPR ), BlackBerry Ltd. (NYSE: BB), and even Rocket Companies Inc. (NYSE: RKT). The new market niche of “meme stocks” actually sparked enough attention that a new ETF was created, VanEck Trust Social Sentiment ETF (NYSE: BUZZ)."

Quote Source: Why Penny Stocks Are The Focus For Reddit Investors In 2021