ROKU - waiting for the break
A number of small stocks have been rising of late and some have started to break out of their bases.
ROKU has been forming a Base since late last year and began to cross above it's 200 day moving average steadily since 2nd June.
It is now trading right at a basing neckline @ 75 and a break up is probably only a matter of time now.
Whether the break will come 1) in the very near future or 2) at least one more pullback from here (up to 50% of it's recent AB upswing) before a successful breakup remains to be seen.
Volume is still light at the moment (except for a strong day on 7th June) hence the odds could favour scenario 2 at the moment. Ideally, I would prefer to see stronger than average volume for at least a week (or longer) rising into a breakup.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
ROKU has been forming a Base since late last year and began to cross above it's 200 day moving average steadily since 2nd June.
It is now trading right at a basing neckline @ 75 and a break up is probably only a matter of time now.
Whether the break will come 1) in the very near future or 2) at least one more pullback from here (up to 50% of it's recent AB upswing) before a successful breakup remains to be seen.
Volume is still light at the moment (except for a strong day on 7th June) hence the odds could favour scenario 2 at the moment. Ideally, I would prefer to see stronger than average volume for at least a week (or longer) rising into a breakup.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
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