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- 1 Roblox stock price (NYSE: RBLX) corrected 19% approx from the recent swing high.
- 2 RBLX stock price drops below the 50-day and 200-day showing mild bearishness.
- 3 Roblox Corp will release the quarterly earnings on August 9, 2023.
Roblox stock price (NYSE: RBLX) drops below the crucial support of $40.00 ahead of Quarterly Earnings. It shows signs of short-term bearish trend reversal but the confirmation is still awaited.
RBLX stock price slips below the 50-day and 200-day EMA showing a short-term downtrend. The bears are strengthening their grip and seem to be dominating on the higher levels.
For the past few months, Roblox stock price consolidated into the wide range between $33.00 to $47.00. Buyers tried to form a short-term base near $40.00 but a recent sell-off has broken the base.
RBLX share price is in a short-term correction mode and no signs of recovery are visible. If the stock price continues to decline further then bears might try to drag it down to the $33.00 level.
In the mid of June, RBLX stock showed some positive momentum and attempted to break the $46.00 hurdle. Sadly, prices get rejected and reverted in a downward direction.
Roblox stock price closed the previous session at $37.74 with an intraday rise of 0.37%. The market capitalization stands at 23.05 Billion.
Will Roblox Stock decline further or bounce back?
Roblox stock price (NYSE: RBLX) has not performed well in the past few months and traded in a range. The quarterly earnings are near which might increase the volatility in the stock.
Roblox Corp will release the earnings today before the market opens. Market analysts estimate an EPS of -0.437 and revenue of $784.992 Million. If the company succeeds to meet the estimates then a sharp rise in the stock prices might be visible.
On the other hand, if the company disappoints the investors in earnings then the stock might decline further.
RBLX Stock Fallen for 3 Consecutive Weeks
RBLX stock price has fallen for 3 consecutive weeks indicating profit booking has begun. If the stock price reacts negatively after earnings then $33.00 support will be at risk. The MACD displayed a negative crossover and the curve is sloping down.
The histogram bar is declining indicating more downfall is left. The RSI at 41 denotes weakness but if the price reverses upward then RSI might reach 50. The super trend generated a sell signal which also indicates bearishness.
Conclusion
Roblox stock price (NYSE: RBLX) witnessed profit booking ahead of quarterly earnings. The technical analysis suggests RBLX price is in short-term correction mode and more downfall is possible.
Technical levels
- Resistance levels: $40.0 and $47.00
- Support levels: $33.00 and $30.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. 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.
