The Robinhood share price surged to more than double its $38 IPO listing price on Wednesday, hitting a high of $82.60 before retracing on some quick profit-taking. The stock is up 34.27% on the day as some good demand crept in for the second day in a row.
The Robinhood share price rose 29.24% on the opening day of its listing on the Nasdaq exchange. The 2-day surge in Robinhood’s share price has improved the net-worth of Vlad Tenev and Baiju Bhatt (its two co-founders) by more than 70%. The listing of Robinhood on Thursday, 29 July, saw the stock initially drop by 8%. Still, with the stock now growing nearly 90% this week, the market capitalization of Robinhood has doubled to $60 billion.
Technical Levels to Watch
Here is an ultra-short-term playbook on the 1-hour chart for day traders.
Price has retraced to the 38.2% Fibonacci retracement level at 64.87. A further drop targets 59.25 (50% Fibo retracement) or 53.64 (61.8% Fibonacci retracement level). The latter is also where the 1300 hours candle found support.
On the other hand, continuing the uptrend requires a bounce on the 64.87 support pivot, where the channel’s trendline is found. Short-term targets for this move lie at 71.81 (23.6% Fibonacci retracement), 83.03 and possibly the 87.36 price mark (21 June daily high).