Roku ( ROKU) is down in trading Thursday as a number of fundamental analysts are downgrading the stock following its latest quarterly report to shareholders. 
Let's check on the charts. In our last review of ROKU on October 22, we wrote that "Chart patterns are fun or at least I think so. Heck, I even wrote a book about them. They are subjective and difficult to 'test' like many things in technical analysis, but they do give you levels to be aware of. A break of $275 is the level to watch on ROKU."
In this updated daily bar chart of ROKU, below, we can see that prices have made a new low for the move down and are in a position to test the May low. ROKU is trading below the declining 50-day moving average line and the declining 200-day moving average line.
The On-Balance-Volume (OBV) line has been weakening since late July and its decline tells us that sellers of ROKU are being more aggressive. The Moving Average Convergence Divergence (MACD) oscillator is below the zero line in sell territory.
In this weekly Japanese candlestick chart of ROKU, below, we see a bearish picture. The chart is not updated with today's price weakness but "reading" the chart from right to left we find little chart support - just two lonely lower shadows in May. The slope of the 40-week moving average line is bearish and the OBV line is pointed down. The MACD oscillator is also negative.
In this daily Point and Figure chart of ROKU, below, we can see a downside price target of $273. This would mean that our $275 trigger level would be broken.
In this weekly Point and Figure chart of ROKU, below, we can see a $233 price target.
Bottom line strategy: We never really know what tomorrow will bring but we can believe in trends. Right now the trend on ROKU is down and further declines look likely.
