$HOOD - I would not chase

30 Eki 2024

HOOD The head and shoulders (H&S) pattern was invalidated, and the stock has since run without me. 😤 It is currently in a frictionless area, meaning there is not much resistance in either direction for the stock.

If the stock were to play out a full Fibonacci extension, it could reach the $33.90 area. However, a pullback to the $24 to $22 area is certainly possible, which would check back at the price level where it broke out.

I will not be chasing the stock and will let it come down to the buy area noted on the chart. The Earnings Report (ER) is tomorrow, and it could create an opportunity for an entry. 👀