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- 1 Roku stock price is down by 6.60% on a weekly basis.
- 2 Roku Inc (NASDAQ: ROKU) stock price rejected the 200-day EMA and struggles to hold the 50-day EMA.
- 3 Roku stock price stuck in a narrow range between $55.00 to $70.00.
Roku Stock price is down by 6.60% on a weekly basis. The bulls seem to be struggling to defend the 50-day EMA support. Roku Inc. (NASDAQ: ROKU) has performed well in the past few months but after the release of the quarterly earnings, Roku stock witnessed massive profit booking.
Roku stock is trading below the downward sloping 200-day EMA showcasing a downtrend on a positional basis. However, the prices are approaching the demand zone and are expected to hold the support level marked in the chart.
Roku Inc. (NASDAQ: ROKU) stock price closed the previous session at $60.00 with an intraday decline of -5.06%. Market capitalization stands at $8.41 billion. Early February, Roku stock price attempted to break out of its swing high hurdle at $60.00 but got rejected with the bulls trapped at the higher levels. Later, In mid-February, Roku Inc. released the quarterly earnings which met analyst expectations; naturally, prices again bounced back with strong momentum. Roku stock shot up 11% in a single day and prices hit a high at $76.62. However, the buyers failed to give the follow up momentum.
Roku Stock Price at Make or Break Level
Roku stock price formed a shooting star bearish candle and got a strong rejection from the higher levels. Slowly and steadily, stock prices started declining by forming lower-low candles and lost a big chuck of previous gains. Presently, Roku stock price seems to be consolidating in a narrow range and is expected to break either side soon. Technical analysis suggests if Roku stock holds the 50-day EMA, then the bulls might try to reach the previous highs. On the other hand, if prices drop below the 50-day EMA, the probability of retesting $50.00 will substantially increase.
Roku Stock price: Technical outlook
Per the chart pattern, Roku stock seems to be in bearish grip and more profit booking is possible in the coming weeks. The technical indicators like MACD had generated a negative crossover indicating that the bearishness could continue for the coming days. The RSI at 46 sloping down denotes weakness and prices might soon strike an oversold territory.
Conclusion
Roku Stock price is down by 20% from the recent peak and formed a bearish chart pattern. However, Roku Inc. (NASDAQ: ROKU) stock is approaching the support levels and may see a short-term bounce. Technical analysis suggests Roku share price is in a bearish trend and the probability of retesting $50.00 is high.
Technical levels
Resistance levels : $70.00 and $76.00
Support levels : $50.00 and $38.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
