Roblox Holds the Breakout
Roblox struggled between June and November, and now it may be coming to life.
The first pattern on today’s chart is the high-volume gap on November 9. Over 95 million shares traded on that surge, more than the previous 13 sessions combined. A record-setting day like that represents a potential change of character in the stock, with a whole new set of investors entering.
That could make sense because strong bookings and usage suggested that RBLX is finally getting the kind of traction people hoped. It also establishes the name as a potential go-to for investors seeking metaverse exposure.
Next, the two legs down in the pullback suggest that an ABC correction has been completed.
Third, RSI has trended higher.
Finally, notice how RBLX bounced near $104. That’s important psychologically for its triple-digit status. It’s also slightly above the June peak. Has the old resistance area become new support?
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradingView is not affiliated with TradeStation Securities Inc. or its affiliates. TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern on today’s chart is the high-volume gap on November 9. Over 95 million shares traded on that surge, more than the previous 13 sessions combined. A record-setting day like that represents a potential change of character in the stock, with a whole new set of investors entering.
That could make sense because strong bookings and usage suggested that RBLX is finally getting the kind of traction people hoped. It also establishes the name as a potential go-to for investors seeking metaverse exposure.
Next, the two legs down in the pullback suggest that an ABC correction has been completed.
Third, RSI has trended higher.
Finally, notice how RBLX bounced near $104. That’s important psychologically for its triple-digit status. It’s also slightly above the June peak. Has the old resistance area become new support?
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradingView is not affiliated with TradeStation Securities Inc. or its affiliates. TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
Publicaciones relacionadas
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.