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USA A1 Trading Advice (A) | 14-Aug-2024 | Expected Gain 10%-11%

SHORT TERM TRADING ADVICE IN USA

 BUY   Rocket Companies (NYSE: NYSE)

Rocket Companies (NYSE: NYSE) STOCK RECOMMENDATION

Idea BUY
Buy Range 18 – 18.5
Target 20 – 20.5
StopLoss* below 17.2
Duration 10-12 Trading Days
Potential Returns 10% – 11%
Idea Buy Range Target StopLoss* Duration Potential Returns
BUY 18 – 18.5 20 – 20.5 below 17.2 10-12 Trading Days 10% – 11%

* Once the first target hit, reset the StopLoss at your buying price.

Our recommendations are authentic and transparent. Find this recommendation posted in Tradingview. Be assured such records are permanent and irreversible.

 Tradingview position update

Rocket Companies (NYSE: NYSE) STOCK OVERVIEW

Rocket Companies, a fintech mortgage loan originator, entered 2024 with strong momentum. CEO Varun Krishna highlighted top-line growth acceleration for the third straight quarter and the highest profitability in two years, along with expanded market share in both purchase and refinance sectors. The company is leveraging its proprietary AI tech stack for future growth, aiming to modernize the fragmented homeownership space.

Stock Data
NYSE Symbol RKT
Sectoral Index Finance
52 Weeks High 18.705
52 Weeks Low 7.17

Rocket Companies (NYSE: NYSE) - RELATIVE STRENGTH

RKT-RELATIVE STRENGTH

Relative Performance - Last 1 Year

Rocket Companies —     NYSE —

Rocket Companies (NYSE: NYSE) - DAILY TECHNICAL ANALYSIS

Rocket Companies (NYSE: NYSE) - Technical Analysis (Daily)
  • The stock price has developed an Inverted Head & Shoulders pattern following a significant downward trend.
  • After breaking out, the price experienced a strong upward surge but faced resistance around the 15 level.
  • Consequently, the stock price declined and transitioned into a consolidation phase.
  • During this period of consolidation, an Ascending Triangle pattern emerged.
  • With a recent breakout backed by substantial volume, the price is currently on the rise.

Rocket Companies (NYSE: NYSE) - RSI

RKT-RSI
Rocket Companies (NYSE: NYSE) - RSI
  • Current RSI of this stock is 68.32, which indicates the strength of buyers.

Rocket Companies (NYSE: NYSE) - ADX & DI

RKT-ADX & DI
Rocket Companies (NYSE: NYSE) - ADX & DI
  • Increasing ADX value above 20, indicated the strength of the trend, thereby uptrending ADX confirms the bullish or bearish supportive decisions. Along with the rising ADX, and the +DI is above (or crossing) -DI, indicates the long trades should be favoured.

Rocket Companies (NYSE: NYSE) - MACD

Rocket Companies (NYSE: NYSE) - MACD
  • MACD line has crossed the signal line from the below, generates bullish signal.

CONCLUSION - Rocket Companies (NYSE: NYSE) STOCK PRICE FORECAST

Based on our stock trading advice in USA, Rocket Companies stock price target will be USD 20 – USD 20.5 in the next 10-12 trading sessions.

Rocket Companies (NYSE: NYSE) TRADINGVIEW POSITION UPDATE

Buy Rocket Companies by NaranjCapital on TradingView.com

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable to enter/exit in the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other trading recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

Advisor / ANALYST SUMMARY

The stock trading advice is prepared by the Naranj Capital team under the guidance of Arijit Banerjee, CMT, CFTe. Arijit is a veteran trader and an active investor having in-depth knowledge of financial market research, advanced technical analysis, market cycle, algorithmic trading, and portfolio management. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the global authority of Technical Analysis and also has been honored as a Certified Financial Technician (CFTe) by the International Federation of Technical Analysts, USA.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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