Roblox Stock Is Trading In A Pattern And Could Be Ready For A Move Soon

Roblox Stock Is Trading In A Pattern And Could Be Ready For A Move Soon

Roblox Inc. RBLX is trading lower after reporting better-than-expected second-quarter financial results.

The company reported a quarterly earnings loss of 25 cents per share, up from a loss of 40 cents per share year over year. The company reported quarterly revenue of $454.1 million, up from $200.39 million.

Roblox is down 1.65% at $78.36 at the last check.

Roblox Daily Chart Analysis

  • Roblox looks to be trading within a bullish flag pattern and looks to be nearing possible pattern resistance.
  • The stock is trading below the 50-day moving average (green), indicating recent sentiment in the stock has been bearish.
  • This moving average may hold as an area of resistance in the future.
  • The stock may continue to trade within the flag pattern until either pattern resistance or support is broken. A further move in the same direction could occur.
  • The Relative Strength Index (RSI) has been trading sideways and now sits at 45. This means there has been relatively equal buyers and sellers in the stock the past few weeks.

(Click on image to enlarge)

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What’s Next For Roblox?

Bullish traders would like to see the stock push higher and eventually cross above pattern resistance. This could signal that the stock is seeing a breakout and could continue higher.

Bears would like to see the stock fall lower and drop below pattern support. This could cause the stock to see a further bearish push.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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