RBLX approaches an area of geometric confluence which indicates a potential support. Roblox has seen some insider selling, but also secured new funding and established web3 & metaverse partnerships in January.
Geometry:
The green support/resistance diagonals cross at $75.
Elliott:
We can count a completing ABC correction. The 78.6 fib retracement is around $73.
Oscillators:
The Stochastic is oversold since mid-December and due to move back up. The RSI is about to enter the oversold area.
Volume:
Declining volume signals a potential exhaustion of sellers.
How to trade it:
The idea is to try a long position in the area between the 78.6 retracement and the green trend line. If price continues to decline, a double bottom at $70 would be the next possibility for an aggressive entry. Indices, especially mega caps, must stabilize for a bullish environment for this idea to work.
Geometry:
The green support/resistance diagonals cross at $75.
Elliott:
We can count a completing ABC correction. The 78.6 fib retracement is around $73.
Oscillators:
The Stochastic is oversold since mid-December and due to move back up. The RSI is about to enter the oversold area.
Volume:
Declining volume signals a potential exhaustion of sellers.
How to trade it:
The idea is to try a long position in the area between the 78.6 retracement and the green trend line. If price continues to decline, a double bottom at $70 would be the next possibility for an aggressive entry. Indices, especially mega caps, must stabilize for a bullish environment for this idea to work.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.