ROKU Cooling off before Earnings or due for a Correction?
I went Long after noticing an inverse head and shoulders on Roku below $50, and that was actually my first post on trading view so I hope everyone(all 46 of my viewers) made some money off of that going Long. Now that we are above $100 before Earnings I'm a little more cautious and weighing my risk to reward. I've taken profits from the trade, exited my position, and picked up a few puts just to see what happens over the start of next week. It looks like this could possibly dip below $100 to around $98 and that is the area I'm watching for a possible larger breakdown of support. It appears that bull flag that was forming near all time highs was invalidated or is developing into a descending triangle, which is also bearish. The fact that this closed Friday just below the previous low of the day combined with closing below the 20 day moving average(which has been a good indicator of support), and the looks of the 5 year chart has me leaning towards a larger pullback before taking another long position.
Market sentiment could also cause a further breakdown or keep taking this thing higher so as always watch the overall market action and set your stops tight. Trade with a plan, and good luck to both the longterm investors and the shorts out there.
Market sentiment could also cause a further breakdown or keep taking this thing higher so as always watch the overall market action and set your stops tight. Trade with a plan, and good luck to both the longterm investors and the shorts out there.
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