ROKU Trend Bias: Bearish Until $66 Breaks
This chart displays ROKU in a clear bearish trend, confined within a well-defined descending channel. The price recently formed a Lower High around $71.74, followed by a sharp rejection, confirming continued downside momentum. The current price action is hovering near the $61.60 support level, a critical zone that may lead to a breakdown toward the next support targets at $57, $55, and potentially $51–$49.
A temporary bounce to the $62–$64 area is possible but is likely to act as a bearish retest unless the price breaks above $66.33, which would be the first sign of a possible shift in trend. Until that happens, the structure favors bearish continuation, and any rallies are likely to be short-lived.
This setup supports a swing short strategy, with confirmation below $61 and resistance holding at $64. A move above $71.74 would invalidate the bearish structure and signal a potential trend reversal.
More details about this Chart:
1- Bearish Channel Intact
Your descending channel is strong and respected — price is moving from Lower Highs to Lower Lows.
The recent rejection at ~$71 confirms sellers are still in control.
2- No Break of Structure Yet
No Higher High (HH) has formed to invalidate the downtrend.
There's no sign of trend reversal until price closes above ~$72.
3- Bullish Shift Only If :
Price breaks and holds above $66.33
Then closes above $71.74 to make a Higher High
That would flip the trend structure
4- Downside Targets Still In Play
Next logical supports:
→ $57
→ $55
→ $51–$49 (major demand zone)
5- Bullish Shift Only If :
Price breaks and holds above $66.33
Then closes above $71.74 to make a Higher High
That would flip the trend structure
6-Strategy Suggestion:
Entry : Now or on bounce to $63–$64
Hold Time : 2–3 weeks
Targets : $57 → $55 → $51
Stop Loss : Above $66.5 or latest LH
