Shares of Roku (ROKU - Get Report)  are again blistering higher, this time closing higher by 20.86% on Thursday at $122.03. The stock is moving to new all-time highs on better-than-expected earnings.

Roku stock has been a monster this year, rallying 300% in 2019 and 350% from its Dec. 24 low. The rally has humiliated Roku's detractors that continually say "any company can make a streaming stick" or that Alphabet (GOOG - Get Report)   (GOOGL - Get Report) , Amazon  (AMZN - Get Report) and Apple (AAPL - Get Report) will eat Roku's lunch.

Clearly, that hasn't been the case and Roku's recent quarterly results prove as much.

The company lost 8 cents per share, but that easily topped expectations for a loss of 21 cents per share. Revenue of $250.1 million smashed expectations by more than $26 million (a beat of more than 10%) and grew almost 60% year-over-year.

Roku's third-quarter and full-year revenue guidance came in ahead of Wall Street expectations, too.

It appears that not only does Roku have momentum, it has accelerating momentum. A look at the charts suggests the same thing, as the name continues to force its way higher. Can the move continue?

Amazon, Apple and Alphabet are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells AMZN, AAPL or GOOGL? Learn more now.

Trading Roku Stock

Chart of Roku stock.
Chart of Roku stock.

Navigating a stock that's up four-fold in eight months is not easy. However, Roku stock does not appear overheated. At least, according to the metrics.

When looking at the momentum-measuring MACD reading at the bottom of the chart (blue circle), it shows that momentum is just turning in bulls' favor. A look at the top of the chart highlights the RSI measure (also a blue circle). This metric shows the overbought or oversold state of a security. With a sub-70 reading, Roku stock is not approaching a short-term overbought state, to much surprise.

So far this year, the stock has put together massive post-earnings runs, but tends to consolidate for the next few months.

Roku stock appears to be breaking out of short-term channel resistance (purple line), but has a ways to go before running into longer-term channel and uptrend resistance (blue and black lines).

To get there would require a move into the upper $130s and possibly the lower $140s. Incidentally, Roku stock does have a Fibonacci extension in the $144 area now.

I'm not saying Roku will rally this far in the next few days. Doing so would require a rally of at least another 12%. But given the run Roku has been on, I wouldn't put a move to this level out of the realm of possibility, particularly if the market can harness some continued bullish momentum.

Remember, this stock has a float of just 82 million shares. Exacerbating the move isn't hard to do with a low float, especially if some deep-pocketed investors get involved. On the downside, I want to see the prior range highs near $110 to $113 hold as support. 

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.