Bullish trend persists for Roku despite recent retreat

Shares of the streaming television pioneer, Roku (NASDAQ: ROKU) retreats back to nearly $60 last week, but again the stock found new buyers near the $60 area and rebounded back to above $65. Therefore, the long-term price action of the trend continues to show signs that the stock is still, and the recent price reversal is likely due to price retracement before another aggressive upside move.

Roku shares plunged more than 80% in 2022. Throughout last year, the company’s stock price has been aggressively bearish, which had been a result of pressure caused by several factors, including the rising fed rates to over 4.5 percent. One of the other reasons was declining revenue growth and facing growing competition from other popular streaming platforms like Netflix, Amazon Prime, Disney+ and more.

Roku shares strongly started this year; the stock surged almost 42% in January. The upside momentum boosted after the company gained millions of new customers, the company ended 2022 with more than 70 million accounts globally, adding nearly 5 million in the final quarter of the year. The positive news pushed the stock to the highest levels since September.

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