Is Roblox Going Even Lower?

Since the beginning of June, shares of Roblox Corporation RBLX have been trending lower. They've now broken an important support level, which means the downtrend could continue.

Support is a large concentration of buyers looking to pay the same price. At support levels, there is more demand than supply, and stocks frequently rebound after reaching them.

That’s what happened over the past two weeks with Roblox at the $76.50 level, but now this level may have been broken.

Shares are trading below it, which could mean that the buyers who created the support have finished their orders. With this demand for the stock out of the way, the stage could be set for another move lower.

See Also: Where Roblox Stands With Analysts