ROKU $170 reached. Next $200-$300, then $74
In my previous post I outlined double top formation which suggested price should at least drop to $170. It happened even sooner than I expected.
What can be expected next? Well, now stock itself is deep in bear market territory. There aren’t some obvious technical set ups, but after such sharp declines it’s reasonable to expect sharp rallies (bounces). I am expecting us to see one and if so the first resistance would be just above $200 where weekly moving averages sit. It could bounce as far as $300 (to neck of the double top form) but I wouldn’t count on it. With FED rising rates and tightening monetary policy I see more pain ahead in the stock market over all. High growth names such as ROKU should be going lower with compressed multiples. There was so much hype around the stock at ATHs. When we hit the bottom there should be just as much negativity around it and I don’t see it just yet.
After the bounce my next price target is $74. compressed multiples, possible illiquidity events as some funds/etfs are forced to sell stock because of liquidations would drive price this low. Also, as mentioned in my prior post streaming services seem to be loosing competitive advantage and who knows if ROKU is able to hold on to its own.
What can be expected next? Well, now stock itself is deep in bear market territory. There aren’t some obvious technical set ups, but after such sharp declines it’s reasonable to expect sharp rallies (bounces). I am expecting us to see one and if so the first resistance would be just above $200 where weekly moving averages sit. It could bounce as far as $300 (to neck of the double top form) but I wouldn’t count on it. With FED rising rates and tightening monetary policy I see more pain ahead in the stock market over all. High growth names such as ROKU should be going lower with compressed multiples. There was so much hype around the stock at ATHs. When we hit the bottom there should be just as much negativity around it and I don’t see it just yet.
After the bounce my next price target is $74. compressed multiples, possible illiquidity events as some funds/etfs are forced to sell stock because of liquidations would drive price this low. Also, as mentioned in my prior post streaming services seem to be loosing competitive advantage and who knows if ROKU is able to hold on to its own.
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