It Had Enough!
Even though it was one of the best IPO's of 2017, I think the upward momentum is weakening for ROKU and this might reverse the direction of the stock in short-term.
The price is currently in the upper half of its recent channel, established back in May 2019. On June 12th, the price attempted to raise towards the upper boundary of the channel, but it failed after hitting ~105.00. On 13th, a Dragonfly Doji candle appeared on the chart and today, we got another Dragonfly Doji. My guess is that ~105.00 is a selling level for the smart money. Raising above this level, for now, does not seem probable because the bullish momentum has been weakening for a while and the upward trend seems to be out of steam. This is observed on both daily MACD and AO (MACD just flashed a sell signal by the end of today's session). If the price breaks above the 107.00 level, the scenario for the seller's level is invalid and therefore, this analysis will be voided.
Stay tuned!
The price is currently in the upper half of its recent channel, established back in May 2019. On June 12th, the price attempted to raise towards the upper boundary of the channel, but it failed after hitting ~105.00. On 13th, a Dragonfly Doji candle appeared on the chart and today, we got another Dragonfly Doji. My guess is that ~105.00 is a selling level for the smart money. Raising above this level, for now, does not seem probable because the bullish momentum has been weakening for a while and the upward trend seems to be out of steam. This is observed on both daily MACD and AO (MACD just flashed a sell signal by the end of today's session). If the price breaks above the 107.00 level, the scenario for the seller's level is invalid and therefore, this analysis will be voided.
Stay tuned!
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