$ROKU looking for support as “Go” trend rests

$ROKU looking for support as “Go” trend rests


August 2023


Alex Cole

$ROKU has been in a "Go" trend since early June.

Having moved in a stepwise fashion to a series of higher highs and higher lows, we see price falling from a recent high once again. A Go Countertrend Correction Icon (red arrow) suggested that price may struggle to go higher in the short term and we see that GoNoGo Trend has painted several weaker aqua bars reflecting the weakness.  GoNoGo Oscillator has fallen to test the zero line from above where we see the beginning of a GoNoGo Squeeze. This tells us that there is little directional momentum and we will watch to see who wins the tug of war between buyers and sellers at this level.  If the oscillator finds support at zero, breaking out of the Squeeze into positive territory then we will know that momentum is resurgent in the direction of the "Go" trend and will expect price to make an attempt at another higher high.