ROKU Price Target Raised At Oppenheimer but Cycles Point to Caution

Steve Miller

This morning, Oppenheimer raised their price target for Roku’s stock (ROKU) from $110 to $120 on the company’s Q1 pre-announcement.

Oppenheimer believes the slowdown in digital advertising sales may impact ROKU less than other players given their ability to sell inventory 30 days in advance.

As of 11 AM ET, ROKU is up 9 percent on the trading day.

Given this background, let’s see what the charts tell us.

Roku (ROKU) Weekly Chart

roku stock price forecast outlook cycles analysis chart april

At askSlim, we use technical analysis to evaluate price charts of stocks, futures, and ETF’s. We use a combination of cycle, trend and momentum chart studies, on multiple timeframes, to present a “sum of the evidence” directional outlook in time and price.

askSlim Technical Briefing:

The weekly cycle analysis suggests that ROKU is in a rising phase in a negative overall cycle pattern. The next projected intermediate-term low is due in late July. Weekly momentum is positive.

On the upside, there are Fibonacci resistance confluence zones from 100.48 – 103.42 and 113.54 – 117.39. On the downside, there a Fibonacci target zone from 69.04 – 58.22. Our analysis suggests that for the bulls to regain control of the intermediate-term, we would need to see a close above 131.35.

askSlim Sum of the Evidence:

ROKU is in a rising phase in the context of a negative overall cycle pattern. Given these conditions, we would expect rallies to fail at the Fibonacci resistance confluence zones beginning at 100.48. There is a likelihood the stock tests the 69by late July.

roku stock price indicators technical analysis bearish outlook april

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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.