ROKU is putting in lower highs in this chop. But we're nearing a swing setup as we draw closer to $126.71.
resistance
We'll clean these lines up a bit over the weekend. The first level up that I care about is 136.81, followed by 139.43 area. I think, if we open bullish but don't have news, we'll struggle with $141.05 if we can even get to that level today.
support
I always watch pre-market low, which for ROKU its $132.30 area, if we lose that I'm watching 131.25 and 129.65. If we are very bearish today I'm watching that $126.71 area for a bounce.
If we get as far down as $126.71 area within the next few days, I'll be long for a swing.
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Currently forming a symmetrical triangle intraday. Could leg down to the 126.71 level
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really holding that 129.65 level, based on current price action, I do believe we can get in lower for a swing. I wouldn't be against starting a small position near end of day, thought I like the $126.71 level better.
@danbeaulieu - Why do we say that Roku is breaking out. I did see the kangaroo tails that show the sign of reversal but it is still trading in a channel for a while ?
danbeaulieu
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@AkshaySingh68fe065099d64361, breaking out on what timeframe? And I don't know what a Kangaroo tail is.
(This post was from Friday btw)
crypt3x737
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@danbeaulieu, Kangaroo tails just are 3 candle pattern where the first candle is really long as compared to the others and the next two candles trade in either the uppder direction or lower direction showing the direction of reversal pattern. It has worked very well on some trades for me. Funtrade metioned a breakout. Checking in on hourly, I can see kinda breakout but it is still trading in the previous channel where it has been trading for a while so was wondering