ROKU Candlestick Forms Extreme Bullish U-Turn 1-14-20
ROKU Roku Inc Stock Chart 1-14-20
Imagine you sell stock short and you quickly realize you are wrong. The trade instantly moves against you.
The entry signal was a common chart pattern, so you and thousands of other traders were looking at the same daily candlestick chart.
So the situation we have is a lot of people need to cover the short and buy the stock back.
Now imagine price action gives another signal, this time a buy. Buy-stops go off and thousands of traders are know long.
We now have two groups of buyers in the same stock. We have demand for shares. One side is trapped, one side is hungry for more.
ROKU Roku Inc traded into a bullish U-Turn yesterday that eventually became an outside candlestick. The stock price broke support from a week ago and yesterday's low, then reversed (hence the name "u-turn")
Combine this with a close near the highs and i'm looking for a new long in ROKU with a price target of $146. I need to see it trade above yesterday's high to enter.
Have a great day.
Pete
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