Bull FlagKnown as a momentum stock, Roku is in a long term uptrend at this point with a hammer on monthly
(LE) = Long entry
Ooverbought territory with RSI set at 70
I keep RSI at 80 and 20 so not qite overbought if RSI is set to 80. Some folks wait for a stock to be overbought on daily, weekly and monthly timeframes. I start watching very, very closely at 80 on the daily time frame
Known to be volatile, but nothing in life worth having is easy, is it? LOL
Just an observation
Target 1: Size of the Flag
The first target of a confirmed Flag pattern can be derived using the measured move technique. The measured move target is a distance equal to the size of the flag. To measure the size of the flag, you would just take the vertical distance between the upper and the lower channel within the flag.
Then you would apply this distance starting from the breakout point. Your first target is located at the end of this distance.
Target 2: Size of the Pole
The next target of the Flag formation equals the size of the Flag Pole. So, to get this target 2, you need to measure the vertical distance between the high and the low of the Pole. Once you get that distance, you will need to apply it to the pattern. Again, as we did with Target 1, you would apply it starting from the breakout point.
