This chart displays ROKU in a clear bearish trend, confined within a well-defined descending channel. The price recently formed a Lower High around $71.74, followed by a sharp rejection, confirming continued downside momentum. The current price action is hovering near the $61.60 support level, a critical zone that may lead to a breakdown toward the next support targets at $57, $55, and potentially $51–$49.
A temporary bounce to the $62–$64 area is possible but is likely to act as a bearish retest unless the price breaks above $66.33, which would be the first sign of a possible shift in trend. Until that happens, the structure favors bearish continuation, and any rallies are likely to be short-lived.
This setup supports a swing short strategy, with confirmation below $61 and resistance holding at $64. A move above $71.74 would invalidate the bearish structure and signal a potential trend reversal.
More details about this Chart:
1- Bearish Channel Intact
Your descending channel is strong and respected — price is moving from Lower Highs to Lower Lows.
The recent rejection at ~$71 confirms sellers are still in control.
2-No Break of Structure Yet
No Higher High (HH) has formed to invalidate the downtrend.
There's no sign of trend reversal until price closes above ~$72.
3-Bullish Shift Only If:
Price breaks and holds above $66.33
Then closes above $71.74 to make a Higher High
That would flip the trend structure
4- Downside Targets Still In Play
Next logical supports:
→ $57
→ $55
→ $51–$49 (major demand zone)
5- Bullish Shift Only If:
Price breaks and holds above $66.33
Then closes above $71.74 to make a Higher High
That would flip the trend structure
6-Strategy Suggestion:
Entry: Now or on bounce to $63–$64
Hold Time: 2–3 weeks
Targets: $57 → $55 → $51
Stop Loss: Above $66.5 or latest LH
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.