Traditional cable TV is in the past. Idea for 08/02/2024
Streaming TV software and hardware provider Roku Inc. could become one of the primary beneficiaries of the mass abandonment of cable television users. The company has several advantages over its competitors, offering video streaming services.
By the end of 2022, only 65.1 million US households continued to have traditional cable television, a decrease of 9.0% from 2021. The share of US households subscribing to cable TV also declined, dropping to 49.7%, down from 55.4% in 2021.
Given this shift, Roku's offering is particularly valuable to consumers due to its user-friendly, universal interface across multiple streaming services.
So, today, we suggest looking at the Roku Inc. (NASDAQ: ROKU) stock chart.
On the D1 timeframe, support has formed at 81.80, with resistance at 94.90. A subjective technical analysis figure, the "Inverted head and shoulders," has also developed and can serve as a signal for a reversal of the downward trend.
On the H1 timeframe, a breakthrough of the 94.90 level could set a short-term target for a price increase at 107.09, while in the medium term, it could hover around 118.20.
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Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
By the end of 2022, only 65.1 million US households continued to have traditional cable television, a decrease of 9.0% from 2021. The share of US households subscribing to cable TV also declined, dropping to 49.7%, down from 55.4% in 2021.
Given this shift, Roku's offering is particularly valuable to consumers due to its user-friendly, universal interface across multiple streaming services.
So, today, we suggest looking at the Roku Inc. (NASDAQ: ROKU) stock chart.
On the D1 timeframe, support has formed at 81.80, with resistance at 94.90. A subjective technical analysis figure, the "Inverted head and shoulders," has also developed and can serve as a signal for a reversal of the downward trend.
On the H1 timeframe, a breakthrough of the 94.90 level could set a short-term target for a price increase at 107.09, while in the medium term, it could hover around 118.20.
—
Ideas and other content presented on this page should not be considered as guidance for trading or an investment advice. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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