The streaming platform Roku (ROKU) has been on quite a ride this month. After posting robust earnings on the 9th, volume levels were off the charts. It gapped higher the next day and has not looked back. Many traders were caught short as a massive squeeze vaulted the stock 250% in just four short days. That is an amazing run, and it may just be getting started.
Relative strength is particularly good, but the action on Monday was quite notable. The stock was strong all day long and nearly closed on the highs of the session. Turnover was also brisk.
Look for this stock to trade much higher over the coming days and follow the path of the orange line. We could see this move into the 60’s before too long. The bull pennant was broken to the upside Monday. One more day of confirmation would clinch the move.
Roku (Nasdaq: ROKU) Video Chart Analysis
Take a deeper dive into the chart action on biotech stock Roku and learn how to read the technicals. Get Bob Lang’s full analysis as he marks up our chart of the week.
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