Roku Has Weekly Breakout as Coronavirus Boosts Streaming

Coronavirus has benefited some technology stocks like Zoom Video , Netflix and Another name on that list is streaming-video firm Roku .

The stock gapped higher yesterday after seeing a 49 percent pop in first-quarter streaming hours. While the advertising side of its business took a hit from business shutdowns, usage keeps growing. There was a time last year that people worried competition would kill ROKU, but so far the eyeballs keep coming.

ROKU has formed a pair of inside weekly candles, and is now breaking out. Like Nio yesterday, this signal shows that a highly volatile name has calmed down and may be ready to start trending again.

The daily chart also shows a breakout of the 50-day simple moving average ( SMA ). In the very near-term it may be overbought. But as long as the shares hold this area, buyers may return in coming sessions – especially when you consider the relative strength in Covid-benefiting tech stocks like Zoom Video and NFLX .


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