Roku has dropped by a lot. The recent general weakness in the markets and the crash on streaming companies have accelerated the price decline. However, there are confluence building to peak my interest.
1. RSI is at all time low reading, even in weekly timeframe
2. Price is almost getting at .618 retrace from all time low to all time high
3. Approaching median line on the pitchfork at the same area of the important fib level
4. A large volume node on the weekly scale and even on daily timeframe at the same area
5. at each major low price is moving up a fib level on the pitchfork. The median line can provide a good turning point
Even though price can definitely fall lower, the boxed zone will be my first area of interest, at least for a nice bounce t0wards $200. I will get in with a tight stop loss just below the box and see what happens. Potentially a great risk to reward play.
1. RSI is at all time low reading, even in weekly timeframe
2. Price is almost getting at .618 retrace from all time low to all time high
3. Approaching median line on the pitchfork at the same area of the important fib level
4. A large volume node on the weekly scale and even on daily timeframe at the same area
5. at each major low price is moving up a fib level on the pitchfork. The median line can provide a good turning point
Even though price can definitely fall lower, the boxed zone will be my first area of interest, at least for a nice bounce t0wards $200. I will get in with a tight stop loss just below the box and see what happens. Potentially a great risk to reward play.
