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- NASDAQ: ROKU stock price down by 12.64% on the weekly basis and formed a bearish reversal pattern
- ROKU stock price trying to keep the price above the 50 day EMA
- Roku Inc Q4 earning estimates stood at -1.73 and the revenue at $804.19 million
Roku Inc (NASDAQ: ROKU) stock price is trading with mild bearish cues and bear’s are trying to drag the prices below the 50 day EMA to disturb the sentiment of the long term investors. However, the Q4 is scheduled in the coming week which will show that the company valuation is justifying the market prices or not.
In the previous session NASDAQ: ROKU stock price closed at $54.90 with the intraday loss of 0.16% and market cap stood at $7.646B
Will the Roku price recover or disappoint the investors again?
Roku Inc (NASDAQ: ROKU) stock price is showing the initial signs of the short term bullish trend reversal and bulls are trying to hold the prices above the 50 day EMA to bring back the confidence of investors. In the beginning of January, Roku stock price took an upside reversal from the 52 week low and gained some positive momentum which has created a hope for long term investors. Later, bulls succeeded in reclaiming the 50 day EMA which derived further upward momentum and prices shot up 34% in the short period of time.
Roku stock price attempted to break out of the swing high hurdle at $62.00 but unfortunately bear’s got activated and prices were unable to hold the higher levels. Recently, from the past few days, Roku prices are facing rejection and slipping down by forming lower low candles which created concern for the long term investors. However, the prices are near the important support level at $50.00 and buyers are expecting the price to hold the $50.00 level. On the other hand,If Roku Q4 earnings disappoint the street estimates then prices may react negatively and the support zone will be at risk.
The technical indicators of the Roku stock like MACD have generated a negative crossover indicating mild bearishness whereas the RSI at 50 denotes the neutral level. However, if the overall market sentiment turned negative then it can also create trouble for the long term investors and bear’s may try to drag the prices below the $50.00 support level.
Summary
Roku Inc (NASDAQ: ROKU) stock price has shown a decent recovery from the 52 week low but the prices seems to be lacking momentum on the higher level and likely to retest $50.00 again.The technical analysis suggests that the prices are near to the support level and expected to enter into consolidation for some time before deciding the further direction.
Technical levels
Resistance levels : $66.00 and $75.00
Support levels : $50.00 and $40.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
