2nd Analysis: Volume profile and buying interest supports DOWN
Taking a different approach -- H&S, then Double Top, now possible Double Top again...
Looking at the volume profile, this has surged so quickly that it hasn't had enough time to settle -- volume could pull this back down for MAJOR "correction" -- we all know ROKU is worth more than it is currently, but the market's auto-algorithms will take big, institutional money out of the game, and pull it back down.
This is my best guess... hopefully it can power through, but I'm not buying any CALL's until this can hold above $104, or until it reaches true bottom...
Take a look and let me know what you think!
Looking at the volume profile, this has surged so quickly that it hasn't had enough time to settle -- volume could pull this back down for MAJOR "correction" -- we all know ROKU is worth more than it is currently, but the market's auto-algorithms will take big, institutional money out of the game, and pull it back down.
This is my best guess... hopefully it can power through, but I'm not buying any CALL's until this can hold above $104, or until it reaches true bottom...
Take a look and let me know what you think!
Comment:
Chande Mom, RSI, and CMF all topped either yesterday or day before, and now show downwards potential -- if MACD continues to form curve to downside, then this could get messy... well, as shown above... still great growth stock for long-term imo
Comment:
ROKU woke up with some attitude today... it wants what I call "big prom invite" buyers, or >>> $102, $98, $93...
I mean, let's be real, at around 300% growth YTD, this one will have a lot of profit-takers should there be ANY reason to do so... it is one of the top stocks this year, and it will need to correct at the very least... recommend holding off on CALL options until it has a more defined bottom (likely around $79-84 range)
I mean, let's be real, at around 300% growth YTD, this one will have a lot of profit-takers should there be ANY reason to do so... it is one of the top stocks this year, and it will need to correct at the very least... recommend holding off on CALL options until it has a more defined bottom (likely around $79-84 range)