If ROKU can break and hold above the pivotal $40 mark, it could start a breakout and test $50. ROKU has been consolidating for some time now, and with technical indicators pointing up, if ROKU can break the current downtrend resistance line I will be buying $45 strike calls and looking for a push to test $50 in the coming weeks.
Note
ROKU has been very volatile in the past month, but has gained nicely since this post ($37). I still think there is more room for ROKU to run, but with a weak SPY the risk/reward is not there for me anymore. I closed my long position at $44.57, but will continue to keep a close eye on ROKU.
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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.