Analysis: Robinhood's 2 Top Losers From Its 'Most Popular' Watchlist

Centro Electric Group Ltd. NAKD and Zomedica Corp. ZOM are the two biggest losers today in Robinhood's Top 100 Most Popular section of its app. Centro Electric recently dropped below a support level, while Zomedica trades in a falling wedge pattern.

Centro Electric Group Daily Chart Analysis

• Shares have dropped below a key $7 level where the stock once held as support in what traders call a sideways channel. This level may now hold as an area of resistance as the price has fallen below the mark.

• The stock is trading below the 50-day moving average (green) and the 200-day moving averages (blue), indicating sentiment has been bearish. These moving averages may hold as resistance in the future.

• The Relative Strength Index (RSI) has been moving lower the past couple of months and now sits at 28. This shows the stock has entered into the oversold region and is seeing many more sellers than buyers.

Zomedica Daily Chart Analysis

• The stock is trading in what technical traders call a falling wedge pattern. The stock has been falling and been getting condensed between narrowing highs and lows and now nears the end of the pattern where it comes to a point. A break past resistance could cause a long-term trend change to happen.

• The stock is trading below both the 50-day moving average (green) and the 200-day moving average (blue), indicating sentiment has been bearish. These averages may hold as resistance in the future.

• The Relative Strength Index (RSI) has been trading sideways the past few weeks and sits at 34. This shows the stock has been dominated by sellers and the RSI nears the oversold area where the stock would see more sellers.

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