ROKU consolidating above breakout, ripe for continuation
Sadly I got stopped out of my ROKU position with an overly aggressive stop-loss ($43.92), after having longed ($41.52) a flag breakout just below the downtrend line. Second silliness was that I didn't buy the retest and bounce off the former downtrend resistance (now support) line. Right now ROKU is obviously in a little consolidation zone right above the downtrend breakout, but below a horizontal zone of resistance.
The consolidation zone is topped by a zone of resistance well-defined by the daily candle bodies and wicks on today and Thursday's breakout attempts. This zone of resistance is a strong zone of historical horizontal resistance that correlates well with past price action. It is a zone, not a line, so be aware of that.
If it does break this rather strong resistance (I believe momentum is on its side, so feel it's likely), first sell target is the neighborhood of the next zone of resistance at $48.70 to $50.37.
I'm market buying 1/4 size (whatever price is at open), buying 1/2 size on breakout of consolidation ($46.05), and buying 1/4 size on retest of bottom of consolidation ($43.05).
The consolidation zone is topped by a zone of resistance well-defined by the daily candle bodies and wicks on today and Thursday's breakout attempts. This zone of resistance is a strong zone of historical horizontal resistance that correlates well with past price action. It is a zone, not a line, so be aware of that.
If it does break this rather strong resistance (I believe momentum is on its side, so feel it's likely), first sell target is the neighborhood of the next zone of resistance at $48.70 to $50.37.
I'm market buying 1/4 size (whatever price is at open), buying 1/2 size on breakout of consolidation ($46.05), and buying 1/4 size on retest of bottom of consolidation ($43.05).
Aviso legal
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