Robinhood stock skyrockets after company extended trading hours

Robinhood Markets (HOOD.US) stock surged 26.0% during today's session after the trading platform operator announced it is extending its trading hours. Users can now trade on the platform from 7 am to 8 pm ET, however the company is working towards 24/7 investing. Previously, Robinhood users could trade via the brokerage 30 minutes before the open and 2 hours after the close. “Our customers often tell us they're working or preoccupied during regular market hours, limiting their ability to invest on their own schedule or evaluate and react to important market news,” Robinhood said in a blog post Tuesday.

Robinhood Markets (HOOD.US) struggled since its July 2021 IPO with a slowdown in trading volumes pressuring the stock. Nevertheless buyers managed to halt declines around $10.00 level and since then buyers have become more active. During today's session price broke above the upper limit of the wedge formation, 200 SMA (red line) and local resistance at $15.39. If bulls manage to uphold current momentum, then upward move may accelerate towards  first major resistance at $25.85, which coincides with 23.6% Fibonacci retracement of the last downward wave. Source: xStation5