Is ROKU ready to reverse and recover?ROKU here is on a one hour chart. IT has trended down from from its supply/ resistance area
of 65-68 and has dipped into its demand/ support zone of 52-53 per the Luxalgo indicator.
Price is presently far below the high volume area of the volume profile which shows the
the highest volume at 64. At this point, short sellers are buying to cover and take profit.
Price is now at the lowermost VWAP bands in the deep undervalued area. Bargain hunters
such as myself now have an interest. Fundamentally, the last earnings report was
reasonably favorable given the context of the general market and the economy.
I see ROKU as a long-trade candidate at this point. It should follow AAPL, TSLA, META GOOG
and other mega-caps and begin an uptrend. ROKU has high volume high liquidity and
relatively narrow spreads. I will take a call option trade striking $50 with a
DTE of 30-45 days. IF it performs well, at 21-30 days I will roll it into another.
