Robinhood started its bearish move after tapping the previous high at the 16 price mark. The market started its bearish move forming lower highs and lower lows. The support was broken out for sells after breaking the 12.40  and now, this support has turned resistance. We will be looking to go short from this resistance.

On H4, descending trendline is still above the current prices. If market starts rising, we may see a retest of this trendline, which lies in confluence with the resistance area. There is a high probability of a rejection at the trendline retest. This will have a two factor confluence with the resistance and trendline being intact.

The golden retracement area of 75-78.6% resides slightly above the resistance level. This level is the go short level for us where we will take a short position. The level is between the two levels. This area could act as a wick area to grab liquidity and then continue moving down.

EMA 50 is bearish and needs a retest at the resistance level. This resistance level needs to be in confluence with other factors which have already been included as trendline plus the golden retracement level.

CCI is at the -100. Once it is neutralized at the resistance level, we will see the CCI at the 0 level, which will be in confluence with other factors. The resistance level will be the area where we might see a potential neutralized level of CCI.

The Robinhood stock seems to be in a downtrend currently. We need to continue trading the stock until unless it reverses off to form a bullish sentiment.

Robinhood stock shorts

Apr 10 2022