I reviewed the charts of Roku (ROKU) and I wrote on Feb. 16 that "ROKU has certainly rallied but the stock has not made a bottom formation. V bottoms do exist but I prefer to buy breakouts from long bottoms. ROKU could trade higher but I am going to resist the temptation to chase it.
Let's see how that forecast turned out, and look at an updated daily bar chart of ROKU, below.
With hindsight I can see that ROKU corrected lower into the middle of May. ROKU is now poised to make an upside breakout. ROKU has turned upward and has closed above the 50-day and the 200-day moving average lines. The daily On-Balance-Volume (OBV) line has moved up to test/break its February high telling me that buyers of ROKU are being more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator is crossing above the zero line for an outright buy signal.