Has ROKU finally found the bottom?
ROKU has tanked drastically from it's high of 490 in July '21 to it's current price of 151 during the major selloff which has affected nearly all Cathie Wood-type stocks. Namely, unprofitable growth/tech stocks.
Interestingly enough, on January 24, ROKU printed a bullish hammer with above average volume, bouncing precisely on the 161.8% extension from the May '21 low to July high. Indicators are also signaling extreme oversold levels along with bullish divergence. The last time ROKU showed bullish divergence like this, it went on to make a new ATH.
Short term PT can be 160 or the small gapfill above at 166. Further out, we can see ROKU break out of the trend line and test 190. Of course, anything can happen and ROKU can freefall to pennyland especially given the current market volatility and climate we are in (inflation, anticipation of feds rate change, Russia/Ukraine) but I like my chances here. Just my hypothesis.
Interestingly enough, on January 24, ROKU printed a bullish hammer with above average volume, bouncing precisely on the 161.8% extension from the May '21 low to July high. Indicators are also signaling extreme oversold levels along with bullish divergence. The last time ROKU showed bullish divergence like this, it went on to make a new ATH.
Short term PT can be 160 or the small gapfill above at 166. Further out, we can see ROKU break out of the trend line and test 190. Of course, anything can happen and ROKU can freefall to pennyland especially given the current market volatility and climate we are in (inflation, anticipation of feds rate change, Russia/Ukraine) but I like my chances here. Just my hypothesis.
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