To The Moon

About Roku

$Roku Inc(ROKU)$ Roku is a leading provider of streaming devices and services, offering users access to over 500,000 movies and TV shows. With the shift towards cord-cutting and the growing demand for streaming services, Roku has positioned itself as a key player in the industry. The company's performance has been impressive, with revenue growing from $500 million in 2017 to $2.6 billion in 2022. However, with competition in the industry heating up, it's important to assess the company's current stock performance and future prospects before trading.

Assessing the Competition

While Roku has established itself as a major player in the streaming industry, it faces stiff competition from other players like $Amazon.com(AMZN)$ Amazon, $Netflix(NFLX)$ Netflix, and $Walt Disney(DIS)$ Disney. Amazon's Fire TV has emerged as a strong competitor, offering users access to a wide range of streaming services, including Prime Video. Netflix, on the other hand, has a huge library of original content, while Disney has a vast range of popular movies and TV shows. As a day trader, it's important to keep an eye on the performance of these competitors and their impact on Roku's stock price.

ROKU's Recent Stock Performance

In terms of recent stock performance, Roku has had a bit of a bumpy ride. In late 2022, the stock experienced a significant sell-off, dropping from to a low of $38.26 in December. However, the stock has since rebounded and has been trading in a range between $55 and $75.

Key Levels Today

• ROKU closed last Friday, March 17, 2023, at $64.24. It's important to keep an eye on the key levels and wait for a confirmation of the stock's direction before entering a position

• Looking at the 5-minute chart below, the key level that I am watching for buying in is at $63, with a stop loss if it goes below $62.5.

Roku 5 minute chart

• If the stock can hold around the key level, there's a good chance for a bounce back to $64, $65 and over $66s.

• If the stock drops below $62, it could be heading towards $60. In that case, it might be wise to wait for a further confirmation that the stock has stabilized before entering a position.

Analyst Price Targets

According to 23 equities research analysts, ROKU's 1-year price targets range from $30.00 to $175.00, with an average target of $82.12. This suggests a possible upside of 27.8% from the stock's current price. While analyst price targets can be helpful, it's important to conduct your own research and analysis before trading.

Conclusion

In conclusion, as a day trader, it's important to assess the competition, the recent stock performance, and analyst price targets before taking a position on ROKU. While the company has established itself as a major player in the streaming industry, it faces stiff competition from other players. By keeping an eye on the key levels and remaining cautious, one can make an informed decision when trading ROKU's stock.

What is Day Trading?

Day trading is a speculative trading strategy in which traders buy and sell securities, such as stocks, options, or futures, within the same trading day. The goal of day trading is to profit from short-term price fluctuations in the market, taking advantage of intraday price movements.

Day traders use a variety of technical and fundamental analysis tools to identify potential trading opportunities, and they typically close all of their positions by the end of the trading day to avoid overnight market risk.

Day trading can be a high-risk and high-reward activity, as it requires significant market knowledge, discipline, and emotional control. While day trading can be lucrative for some traders, it is important to note that it is not a suitable investment strategy for everyone, and it can result in significant losses if not managed properly.

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