Roblox Corp. (RBLX) advertises itself as an "Imagination Platform" that allows its users to develop or play millions of 3D online games. In our May 12 review of RBLX here we wrote that "With no bottom in sight, traders and investors should avoid the long side of RBLX. The path of least resistance is down for now."
The price of RBLX has turned sideways and has shown renewed strength in the past two weeks or so. Let's check the charts again.
In the daily bar chart of RBLX, below, we can see that the shares have firmed above the bottoming 50-day moving average line. The slope of the 200-day line is negative and intersects above the market around $63.
The trading volume in the past two months has been very strong and suggests that new hands have entered the market. The On-Balance-Volume (OBV) line has shown a rise from early May and thus tells us that buyers are now acting more aggressively.
The Moving Average Convergence Divergence (MACD) oscillator has recently moved above the zero line for a fresh outright buy signal.