ROKU - Falling Wedge Breakout + Bull Flag
Updated
Weekly Timeframe:
Daily Timeframe:
65m Timeframe:
I expect a bounce for the severely beaten-down stock. Whether it will be a full revival to all-time highs, I cannot say, though I am quite doubtful. Playing the short term bounce. I am leaning bullish, but will stay neutral and watch price action.
With a breakout from the bull flag:
Failing the trendline would invalidate this setup and could be cause for puts.
- Strong Hidden Bullish Divergence
- "Batman" Pattern
- Major volume spike at $100 bottom, aligning with previous support areas
Daily Timeframe:
- Broke out of a Falling Wedge
- Bounced at an RSI-based supply zone
- Formed Bull Flag just under supply zone and volume shelf
65m Timeframe:
- Bull Flag under supply zone
- Rejected Trendline formed from March 15th bottom
- Volume and flow suggesting short term bullish sentiment
I expect a bounce for the severely beaten-down stock. Whether it will be a full revival to all-time highs, I cannot say, though I am quite doubtful. Playing the short term bounce. I am leaning bullish, but will stay neutral and watch price action.
With a breakout from the bull flag:
- PT1: $136
- PT2: $140
- PT3: $142
- PT4 (Stretch): $148
Failing the trendline would invalidate this setup and could be cause for puts.
Note
Not entirely off this setup yet. Caught itself at the supply zone. May swing calls next week.Note
Made 100% on calls. On to the next.
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