ROKU-Technical Analysis
Disclaimer - I don't own shares of ROKU. This analysis is not a buy or sell recommendation & is only for educational purpose.
1. Roku seems to be curling back up from a long term downtrend.
2. Price has consolidating for a few days after taking relief from the long downtrend & has just broken out of consolidation.
3. While breaking out of the consolidation zone, the stock has not seen a strong surge in volume & also has been rising continuously
from the bottom of the consolidation area.
4. An increase in volume while breaking out & a pause before breaking out certainly strengthens the bull case & reduces chance of the
breakout being a false one. This is not to say the current breakout will fail but more volume will be needed for the up move to
sustain.
5. As with most consolidations, we could see a retest of the $168 area before the stock proceeds to higher levels.
6. Since price is still under the downtrend line, the immediate resistance is the downtrend line followed by the last lower high & a
major resistance would be the 200DMA. Taking out the 200DMA & sustaining higher would mean a change in the trend to a long
uptrend.
7. Monthly, weekly & daily timeframes in confluence & showing a bullish bias.
8. A close below the 168 area would mean re-entering the consolidation area & a close below $139.47 could mean consolidation
support turning into resistance leading to some more downward momentum
Good luck!
1. Roku seems to be curling back up from a long term downtrend.
2. Price has consolidating for a few days after taking relief from the long downtrend & has just broken out of consolidation.
3. While breaking out of the consolidation zone, the stock has not seen a strong surge in volume & also has been rising continuously
from the bottom of the consolidation area.
4. An increase in volume while breaking out & a pause before breaking out certainly strengthens the bull case & reduces chance of the
breakout being a false one. This is not to say the current breakout will fail but more volume will be needed for the up move to
sustain.
5. As with most consolidations, we could see a retest of the $168 area before the stock proceeds to higher levels.
6. Since price is still under the downtrend line, the immediate resistance is the downtrend line followed by the last lower high & a
major resistance would be the 200DMA. Taking out the 200DMA & sustaining higher would mean a change in the trend to a long
uptrend.
7. Monthly, weekly & daily timeframes in confluence & showing a bullish bias.
8. A close below the 168 area would mean re-entering the consolidation area & a close below $139.47 could mean consolidation
support turning into resistance leading to some more downward momentum
Good luck!
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