Roku is Ready to Put On a Show
On Monday, stocks were on the move again. The Nasdaq hit yet another all-time high.
A list of familiar names led the charge; Tesla (TSLA), Netflix (NFLX), and Apple (AAPL) were all big winners.
One name has been noticeably absent among the high-flyers lately. Investors are wondering, whatever happened to Roku (ROKU)?
This streaming video stock has been pretty quiet lately. Roku is actually down 1.41% this year.
Is Roku's fortune about to change? Let's go to the charts to find out.
While the market has been rocking, this stock has been consolidating its gains from March and April. Roku has formed an inverted head and shoulders pattern (semicircles).
When this pattern appears in an uptrend, it's a continuation pattern. Therefore, the prevailing bullish trend is expected to continue.
The neckline of this bullish inverted head and shoulders is located near $130 (black dotted line). Based on the height of the pattern, this stock is destined to climb to the area between $150 and $160.
We remain bullish on ROKU and expect to see a breakout from this bullish pattern in the near term.
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