ROKU on a daily chart is sitting on support in consolidation since the trend down after the
last earnings report. In three weeks there will be another report. The prior report showed
negative earnings but it did beat the estimates while revenues were a mild surprise. I expect
ROKU has done some belt trimming to try to get expenses decreased while growing revenues.
My long trade here is from thin support but targets the Fibonacci level of a retracement
back to recent high pivots. The target is 80 representing 30% upside. A stop loss will be
initially set at 61 but then raised 3.5% every time price rises 3% to gradually tighten it.
I will take a good part of the hopeful profits off the table a few days before the upcoming
report.
last earnings report. In three weeks there will be another report. The prior report showed
negative earnings but it did beat the estimates while revenues were a mild surprise. I expect
ROKU has done some belt trimming to try to get expenses decreased while growing revenues.
My long trade here is from thin support but targets the Fibonacci level of a retracement
back to recent high pivots. The target is 80 representing 30% upside. A stop loss will be
initially set at 61 but then raised 3.5% every time price rises 3% to gradually tighten it.
I will take a good part of the hopeful profits off the table a few days before the upcoming
report.
Comment:
2H Chart Zoomed
Comment:
Sideways. Patiently holding. Support is firm at least and accumulation will likely
yield price action soon.
yield price action soon.