Man Who Stares at Charts Sees ROKU Cup & (Severe) Handle

This man who stares at charts saw ROKU getting wiped out post-earnings – as so many growth stocks have this earnings season – and started a position in after hours yesterday. Today on further tankage the position was increased, per plan, on the drop to the SMA 200.

As long as the market view is stable (near-term) I figured that taking a shot on the August gap fill and test of the 200 day average might be worthwhile. What I like about this Cup is its higher right rim side than left side and what I don’t care for is the severity of the Handle’s short-term downtrend. So the tolerance will be be tight on this one, with the SMA 200 the key.

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