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3 Robinhood Stocks Looking To Break Out Of Resistance Soon

April 9, 2021 3:08 pm
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3 Robinhood Stocks Looking To Break Out Of Resistance Soon

Tesla Inc. (NASDAQ:TSLA), Pinduoduo Inc. (NASDAQ:PDD) and FuboTV Inc. (NYSE:FUBO) are all stocks that are nearing resistance levels. Here's a technical analysis for each. tsladaily4-9-21.png

Tesla Daily Chart Analysis: The daily chart above shows Tesla stock has broken above the resistance level and looks to be possibly changing trend.

The stock was forming a descending triangle pattern, but may now be breaking above resistance. 

The stock's old resistance level was near $500 — a key level for traders that possibly hints as support in the future. Below this level, the stock may take a further tumble.

The stock looks to be breaking above the potential resistance line connected by the previous highs on the chart. This may cause the stock to change trends and start working its way up again.

pdddaily4-9-21.png

Pinduoduo Daily Chart Analysis: The daily chart above on the stock shows a similar situation: Pinduoduo stock looks to have broken resistance.

The stock looks to be breaking out of a potential resistance formed by connecting the highs with a line. This may cause the stock to change trends and start a bullish trend soon.

Bulls want to see the stock start to form higher lows and grind higher. Bears want to see the stock fall through the support level near $120, consolidate and move lower.

fubodaily4-9-21.png

FuboTV Daily Chart Analysis: The daily chart above shows a similar situation to the previous two stocks. FuboTV stock looks to be breaking a potential resistance formed by connecting previous highs.

Bulls would like to see the stock continue to trade above this old resistance line. This could indicate the trend is changing to bullish.

Bears would like to see the stock fall to the $20 support line and break below. Some consolidation below this line may cause the stock to have a lower push.

See Also: Is Now The Time To Buy Stock In FuboTV, GM Or Tesla?


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