ROKU closes within previous day's range after lackluster session
Roku Inc. (ROKU) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ROKU finished Wednesday at 169.99 gaining $1.47 (0.87%), significantly outperforming the S&P 500 (-0.46%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (ROKU as at Sep 16, 2020):
Wednesday's trading range has been $6.48 (3.86%), that's below the last trading month's daily average range of $9.03. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ROKU.
Prices are trading close to the key technical support level at 167.17 (S1).
Although the share is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
With prices trading close to this year's high at 185.44, upside momentum could speed up should the stock be able to break out to new highs for the year.