From the desk of Steve Strazza @Sstrazza.
Last week, we introduced our new weekly column called “Under The Hood.” You can read more about it here.
Basically, we are looking at a universe of the most popular stocks on Robinhood measured by the net increase in accounts holding them week-over-week. Then we’re drilling into the charts to find opportunities to either join in and ride the momentum in these names higher, or bet against those that get too frothy.
Here is this week’s list. It represents the top 60 stocks that experienced net increases in ownership among Robinhood users last week. We’ve also included their weekly performance.
This week we have two trade setups. But first, let’s look at some of the stocks on this list that are in strong structural uptrends.
Last week, we wrote about Tesla $TSLA. Price is currently consolidating just above its prior highs at the 423.6% Fibonacci extension.
Click chart to enlarge view.
That’s some impressive relative strength over the past year or so.
The same can be said for Apple $AAPL. The largest company in the world is making new all-time highs.
It is also making new highs relative to the broader market.
And for the second-largest…?
New all-time highs for Microsoft $MSFT as well.
Here is another one which we like and recently added to our trade ideas list.