Currently, Roku has indicated bearish signals in the short term, has broken out of an upwards channel, and is now re-testing a short term Bullish Trendline established in September 2019. This also happens to meet the 100MA, which price very well may bounce off of. However, volume needs to be significant, or we may see the price drop down to the next Fib level of 38.2% around $119. This is a price many expect Roku to hit this week.
However, if price does bounce off trend line, with significant volume, then current Fibonacci Retrace off of the 50% support line is still in play. This price target levels are 88% which has already been hit, and 100% respectively (and higher in the future). If we see a pivot off of the 100MA, we could see a Roku price of $151 to $158 this week. This stock is considered volatile, and can close gaps quickly.
Very short term trading is currently bearish, and will need confirmation of a pivot to see the higher pricing points. Overall, Roku remains Bullish.
However, if price does bounce off trend line, with significant volume, then current Fibonacci Retrace off of the 50% support line is still in play. This price target levels are 88% which has already been hit, and 100% respectively (and higher in the future). If we see a pivot off of the 100MA, we could see a Roku price of $151 to $158 this week. This stock is considered volatile, and can close gaps quickly.
Very short term trading is currently bearish, and will need confirmation of a pivot to see the higher pricing points. Overall, Roku remains Bullish.
Note
Price has bounced off of trendline, bringing price up 15%. Volume fluctuating between 10-12M / day since Friday Dec. 20.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.