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- Roku, Inc. (NASDAQ: ROKU) stock price slides from the swing high of $79.30
- ROKU stock price reported a year-to-date profit of 63.60%
- ROKU stock price slides 4.59% in the intraday session of Thursday 27th July 2023.
Roku, Inc.’s (NASDAQ: ROKU) price prediction reveals that the ROKU stock price began recovery at the beginning of 2023. The prices dipped to a low of $38.26, where the buyers began their accumulation which led to a recovery of 63.60% so far. The ROKU stock price has outperformed various stocks in the first half of 2022. The bullish sentiments escalated the price to record a high since August 2022
At the time of writing, Roku, Inc. closed its trading session on Thursday 27th July 2023 at $68.19. This marked a fall of 4.59% over the last day.
Can Roku Inc. Resume its Bullish Uptrend?
Roku, Inc.’s stock price made a pullback to the support level of $69.23, which also aligned with the 200 EMA. The ROKU stock price bounced off and made a new swing high, peaking at $79.35, fetching a gain of almost 30%. It was a record-high price since August 2022. However, the market has made a correction since then.
The market slips 144 from its swing, leading the price to an ascending trendline, which is a significant support in the short term. The market is fighting to retain the support level of $69.80 but the bears are gaining strength. The market is sinking as a result of the profit booking. However, ROKU stock price must hold the trendline as a breakdown can spark a bigger correction.
Will ROKU Stock Price Bounce From the Ascending Trendline?
The 4-hour chart shows the image of a bullish market structure as the ROKU stock price creates higher highs with higher lows. However, the bullish momentum fades with the escalation of the price, hinting at a reversal. The market is getting a correction but the trend remains bullish until it breaks below the 200 EMA.
Furthermore, the bulls may try to bounce the price from here to initiate its next leg. With its course, the price may break the local resistance and could reach the resistance level of $96.00. Moreover, it is best to react according to price action and make plans for both directions.
RSI
The RSI indicator is currently at 37.60. It represents bearish conditions where the price may continue to fall until RSI goes above 50. Aggressive selling may happen only if RSI goes below 30.
MACD
MACD made a bearish crossover and the indicator is going below the 0-line. It means that the price is more likely to fall until the MACD makes a bullish crossover.
200 EMA
On the 4-hour chart, the price is above the 200 EMA. This means that the market is bullish with the control of the buyers. The 200 EMA acts as a dynamic support and the price may increase until it subsides the 200 EMA
Conclusion
Roku, Inc.’s (NASDAQ: ROKU) price prediction reveals that the ROKU stock price began recovery at the beginning of 2023. The market is in red over the past few days and the price is trading at critical levels. The bulls should defend the trendline and push the price up. A breakdown can invite further correction. Therefore, it would be best to wait for the market to make a decision before deploying capital.
Technical Levels
- Support level: $68
- Resistance level: $79
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
