Roku Oversold with a double top

13 Mar 2019

ROKU is showing signs of a double top and retracing to support around ~$53. With a new shelf offering https://www.sec.gov/Archives/edgar/data/1428439/000119312519071320/d705063ds3asr.htm for unknown reasons and RSI at oversold level, I believe Roku will be heading back to more recent support levels. Roku has positive news as well with support for Airplay 2 (coming soon) and a new Amazon Alexa skill. I don't believe the positive news will outweigh this oversold condition.

I am currently short ROKU.