It has been a turbulent month for the equity markets. Nonetheless, there are stocks that have been quite resilient all through. One such stock is ROKU Inc, [NASDAQ: ROKU]. We first called this stock on June 6th when it was trading at $101.17 in an article titled, NASDAQ: ROKU Surges after Guggenheim raises target to $119 – Fundamentals getting stronger too. Since our trigger alert, ROKU has gained 48%. Furthermore, in this article we touched on its bullish price action with key support on the 50-day MA. At the time, we argued if it held above its 50-day MA it had the potential to sustain the uptrend especially since it just broke $100 per share. Well, it did hold and traded off its moving average, and since then it has gained quite significantly. We later reiterated its bullish trend on August 13th when it was trading between $129.43 and $136.53.
Since then it hasn’t disappointed and continues to make new highs. In yesterday’s session, ROKU closed the day with gains of 2.73%. This momentum is likely to sustain into today’s session if the pre-market price action is anything to go by. At the time of writing, it was up by 1.33% and has crossed the $150 mark to trade at $151.30. This stock’s resilience has now seen it rise by 376% year-to-date.
The company continues to win investor interest, even as the streaming wars continue to gain momentum. Its partnerships with companies like Disney and Apple could see it benefit immensely as more players get into the streaming business.
Looking at its price action, ROKU is trending higher and if it holds above $150, then it could continue the uptrend. Volumes are high, standing at 10.44 million at yesterday’s close. If it opens the session above yesterday’s trading range of $146.36 to $150.10, it would be an indicator of strong bullish sentiment and a high potential for gains. Currently, the company has a market cap of $17.421 billion, and is one of the major streaming giants.