The streaming platform Roku has been on quite a ride this month. After posting robust earnings on the 9th, volume levels were off the charts. It gapped higher the next day and has not looked back. Many traders were caught short as a massive squeeze vaulted the stock 250% in just four short days. That is an amazing run, and it may just be getting started.
Relative strength is particularly good, but the action on Monday was quite notable. The stock was strong all day long and nearly closed on the highs of the session. Turnover was also brisk.
Look for this stock to trade much higher over the coming days and follow the path of the orange line. We could see this move into the 60’s before too long. The bull pennant was broken to the upside Monday. One more day of confirmation would clinch the move.
Roku (Nasdaq: ROKU) Video Chart Analysis
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About Roku
Roku, Inc. primarily operates a TV streaming platform. Its platform allows users to discover and access a range of movies and TV episodes, as well as live sports, music, news, and others. As of June 30, 2017, the company had approximately 13.3 million subscribers. It also provides streaming media players and accessories under Roku brand to access its TV streaming platform, as well as sells branded channels on remote controls. In addition, the company manufactures and sells TVs; and offers advertising products, including videos ads, interactive video ads, audience development promotions, and brand sponsorships. It offers its products and services through retailers and distributors, as well as through Website in the United States, Canada, the United Kingdom, France, and the Republic of Ireland. The company was founded in 2002 and is headquartered in Los Gatos, California.
