$ROKU Double Top Trade Idea

has earnings coming up on the 28th I believe and is in a text book "double top" pattern. I got price targets of $93.45, $87.83 and $81.90.

It's crossed over the neck line @ $99.64 on the daily. A daily candle closed under $99.64 would probably be the safest entry but I'm already in 4/29 $80 P and 4/29 $75 P.

Generally speaking Roku usually follows $NFLX. In regards to earnings I don't expect as an extreme move as Netflix but I am bearish on leading up to earnings this week coming up. I'll update my position win or lose when I close out my contracts.

*I'm a self taught trader, this is not trading advice in anyway shape or form.

Anmerkung

closed with a full candle under the neckline referenced in the initial post.

First price target hit, let see if it breaks down under $90 and hits the other price targets.

I closed out my original position for a small profit due to volatility and repositioned to 4/29 $70 P.

Will continue to update.

Anmerkung

moving kind of weird in regards to intraday action. No clear direction on timeframes under the daily.

On the daily it looks as if it's coming to retest the neckline for a move lower. An hourly candle close under $84ish area looks promising, that's when I will enter if I get into this trade.

Anmerkung

this (isn't) playing out ideally persé. Something that I've been noticing as of recently is that stocks will break out in the opposite direction of the trend to shake people out their trades then fall back into trend. The recent double top on is a perfect example.

flushed to around 84.12 where it has some strong daily support and bounced up above the neckline. I personally feel like it's back on the way down to support around that 84 level and will ultimately flush with the rest of the market. I'd considering reentering with a strong hourly candle under 92 with targets of 87.9, 84.12, 82.19

markbully

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markbully