How to Play ROKU
After Roku has beaten every Earnings estimate (except 1) we have seen quite a rally in the equity and it has grapped everybody's attention.
We can see Roku had a nice big parallel trend channel until recently where it broke out of it and tested the upper trendline several times where it eventually got rejected. Only to make a new parallel trend channel, it went on to make new highs and breaking out of the new trend channel, which is probably a terminal blow off, as we can see some big selling blocks on the volume, Unless it rejects the upper trend channel and doesn't close below it with +3%, then it could potentially continue and make a new trend.
I would deem it most likely to resume the exsisting upwards trend in the new parallel trend channel, and finding potential support around 95-100$ before continuation.
My 2 Cents
happy trading
We can see Roku had a nice big parallel trend channel until recently where it broke out of it and tested the upper trendline several times where it eventually got rejected. Only to make a new parallel trend channel, it went on to make new highs and breaking out of the new trend channel, which is probably a terminal blow off, as we can see some big selling blocks on the volume, Unless it rejects the upper trend channel and doesn't close below it with +3%, then it could potentially continue and make a new trend.
I would deem it most likely to resume the exsisting upwards trend in the new parallel trend channel, and finding potential support around 95-100$ before continuation.
My 2 Cents
happy trading
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