Robinhood Markets, Inc (NASDAQ:HOOD) gapped up to start Friday’s trading session and continued to run higher intraday, rising over 6% above Thursday’s closing price.

The trading platform on Friday launched a new stock market index made up of its top 100 customer holdings. Seventy-five percent of the index is weighted with large-cap stocks, with Tesla, Inc (NASADAQ: TSLA), Apple, Inc (NASDAQ:AAPL) and Amazon.com, Inc (NASDAQ:AMZN) holding the top three positions.

The index also holds GameStop (NYSE:GME) and AMC Entertainment Holdings, Inc (NYSE:AMC), known to historically be favorites of Robinhood’s user base.

The launch of the index may have helped Robinhood to break up higher on Friday, but a bullish day in both the general markets and the crypto sector certainly helped.

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The Robinhood Chart: On Thursday, Robinhood broke up from a sideways trading pattern into which the stock fell Aug. 19. When the stock closed Thursday’s trading session at the high-of-day, Robinhood printed a bullish Marubozu candlestick, which indicated the stock was likely to trade higher again on Friday.

• If Robinhood closes Friday’s session near its high-of-day price, the stock will print a bullish kicker candlestick, which could indicate higher prices will come again on Monday. If Robinhood closes the trading day with a long upper wick, it could indicate the next higher high has been printed and a retracement is in the cards for next week.
• A higher low will eventually come because Robinhood is trading in a confirmed uptrend. The stock printed its most recent higher high on Sept. 2 at $9.85 and the most recent lower low was formed at the $9.35 mark the following day.
• Robinhood has resistance above at $12.77 and $17.08 and support below at $9.94 and $7.71.

Photo courtesy of Robinhood.