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- 1 ROKU stock price declined after suffering resistance from $100.
- 2 Roku Inc.’s stock price (NYSE: ROKU) dropped nearly 16% in the August Month.
- 3 Roku’s price declined from $100 last month and accumulated to hold above 50 EMA.
Roku Inc. (ROKU Stock) price declined 16% in August and declined from a round level of $100 to the previous breakout zone of $70 level. The stock witnessed profit booking after surging from $68 to $98 in just 3 intraday sessions after the quarterly results.
The quarterly results outperformed the estimates of Wall Street analysts which created positive sentiment among the investors and the stock experienced a hike of 25% in post the results.
The stock price then came down due to profit booking and the price dropped and consolidated near the 50 EMA. The price sustained above the 50 EMA showing that the ongoing trend is still not over and the price may resume its trend if gets buyers support at the EMA.
The Analysts offering a 1-year price forecast for Roku Inc. have a max estimate of $100 and a minimum estimate of 50. Roku Inc. is a streaming platform for television. It operates in the segment of digital advertising and the sale of streaming players, and audio products.
ROKU stock option-chain analysis states that the current implied volatility in the market is 49.78% with a decrement of 2.17% in the last trading session. The nearest support at $73 has 1,123 open contracts on the PUT side and 38 open contracts on the call side indicating the complete domination of buyers at the support.
ROKU Stock Price Consolidating To Gain Buying Volumes
The ROKU stock price currently trades at $81.38 and consolidating near the recent support level. Now, if the price gets the buying volume to break above $84 then the price may resume its trend upward to test the three-digit level of $100 again. The long-term trend is bullish which may invite buyers at the lower levels.
The EMAs Showing A Golden Crossover On the Daily Chart
The daily ROKU stock price chart shows that the price took support from the 50 EMA indicating the presence of buyers at the dips. The overall Technical Opinion rating including RSI and MACD is signaling a 90% buy with the strongest short-term outlook on maintaining the current direction.
Conclusion
Roku Inc.’s (ROKU) stock price declined 16% in August from $100 to $70 due to profit booking after a 25% hike post quarterly results. The results beat the estimates of Wall Street analysts. Recently, the price consolidated near the 50 EMA, indicating the trend is not over. Analysts have a max estimate of $100 and a min estimate of $50 for the next year. Roku is a streaming platform for television. The price may resume its trend upward if it breaks above $84. The long-term trend is bullish.
Technical Levels
- Support levels: $73.81 and $62.13.
- Resistance levels: $98.16 and $110.05.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock 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.
