Webull Corp. (NASDAQ:BULL) stock is surging Thursday primarily due to a broader sector-wide rally in online retail brokerages. The Nasdaq is up 1.16% while the S&P 500 has gained 1.01%.

Sustained momentum from crypto-linked stocks is supporting the retail brokerage space. Crypto-linked stocks are trading higher as Bitcoin (CRYPTO: BTC) prices hit $80,000 amid lower yields and a weaker dollar. Comments from Federal Reserve Governor Christopher Waller stating he is inclined to support holding interest rates steady may have further supported speculative assets by easing concerns about tighter monetary policy and improving risk appetite, according to Benzinga Pro.

The sector movement was also ignited by a competitor upgrade. Morgan Stanley upgraded Robinhood Markets Inc. (NASDAQ:HOOD) to Overweight this week with a $150 price forecast, citing prediction markets as a key growth driver.

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Robust Q2 Financial Performance

The rally builds on Webull’s second-quarter earnings report released on Aug. 19. Webull reported second quarter revenue of $198.83 million, beating estimates of $181.26 million. The company posted adjusted earnings of 5 cents per stock, beating estimates of 3 cents per stock.

Technical Analysis

From a trend perspective, the stock is extended above its key moving averages: about 16.6% above the 20-day SMA ($8.55), 27.7% above the 50-day SMA ($7.81), and 39.1% above the 200-day SMA ($7.16). That alignment generally signals buyers are in control, but it also means the stock is more vulnerable to sharp pullbacks if momentum cools.

The bigger-picture structure also improved after the golden cross in August (the 50-day SMA moving above the 200-day SMA), and the stock has been working off a recent swing low from June while still well below its 52-week high of $16.04. Near-term, traders often watch whether price can hold gains around round-number areas as momentum names push into overhead supply.

BULL Stock Price Activity: Webull shares were up 10.89% at $9.98 at the time of publication on Thursday, according to Benzinga Pro data.

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