Is RBLX Stock Ready to Bounce Back Above $23?

Roblox stock price is facing strong bearish pressure on the daily technical charts, as it is below the 100 and 200-day EMAs. The stock failed to break above its key resistance levels near the EMAs in the past few months, despite several attempts by the buyers.

The stock is currently trading near $25.39, with a marginal gain of 0.32% intraday. The stock has a potential upside target of $30, but it needs to overcome the bearish momentum and surge above the 20-day EMA. The stock has a support level of $24, which could prevent further bearishness.

Roblox price prediction suggests that the stock is in the firm grip of the bears and needs to show signs of reversal before confirming a bullish trend.

Technical indicators favor the bears projecting a pessimistic perspective for the buyers. RSI and stochastic RSI oscillators are moving near the overbought zone whereas the major EMA lines are acting as barrier points for RBLX price.

The company’s performance has been dismal throughout the year. It showed negative returns of 12.18% in the year-to-date period, 41.90% in the last six months, 4.19 % last month, and 9.26% last week. This is a persistent bearish trend.

Technical Analysis of Roblox Stock Price in 1-D Timeframe

Roblox stock (NYSE: RBLX) is under the 50 and 200-day DMAs (daily moving averages), which are not upholding the price trend.

The current value of RSI is 27 points. The 14 SMA is above the median line at 36 points which indicates that the Roblox stock is bearish.

The MACD line at -1.49 and the signal line at -1.49 are below the zero line. A bearish crossover is observed in the MACD which signals more bearishness for the RBLX stock price.

Weekly-Time Horizon Analysis

The weekly chart of Roblox stock reveals that the sellers have been dominant. The stock is in a downtrend, as it has broken below the key EMAs. The technical indicators also confirm the bearish sentiment, as the RSI is near the oversold zone at 33 and the MACD has formed red bars and a bearish crossover. These signals indicate that the stock may face more downside pressure in the coming weeks.

Summary

Roblox stock’s (NYSE: RBLX) technical oscillators support the bearish trend. The MACD, RSI, and EMAs are emphasizing negative signs and imply that the downtrend may continue in the RBLX stock price. Roblox price action suggests that the investors and traders are bearish on the 1-D time frame. The price action reflects a bearish perspective at the moment.

Technical Levels

Support Levels: $24.05 and $21.70.
Resistance Levels: $34.18 and $31.21.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing