ROKU closes higher for the 2nd day in a row
Roku Inc. (ROKU) Technical Analysis Report for Oct 09, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ROKU finished Wednesday at 117.79 gaining $9.79 (9.06%), strongly outperforming the S&P 500 (0.91%). The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (ROKU as at Oct 09, 2019):
Wednesday's trading range has been $7.53 (6.72%), that's slightly below the last trading month's daily average range of $7.80. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for ROKU.
One bullish candlestick pattern matches today's price action, the White Candle.
The share managed to close above the 100-day moving average at 113.80 for the first time since September 19th. When this moving average was crossed above the last time on February 12th, ROKU gained 2.01% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for Roku. Out of 6 times, ROKU closed higher 66.67% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 66.67% with an average market move of 7.07%.