• Shares recently have broken support in a sideways channel. Support in this channel was found near the $240 level, while the stock has held as resistance near the $480 level. The price began to hold the $240 level as an area of resistance, which hinted that a further bearish push was on the way.
• The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue). This indicates bearish sentiment and each of these moving averages may hold as an area of resistance in the future.
• The Relative Strength Index (RSI) has been trending lower the past couple of weeks and sits at 27 on the indicator. This shows more sellers have been moving into the market lately and the RSI has reached the oversold zone. Price may continue to dip if the RSI stays here.

Roku falling below the $240 level was a bearish sign and seeing the stock begin to hold this level as resistance was even more of a bearish sign. The stock has been on a downward trend for some time and needs to form higher lows to possibly break out of this downward trend. Bulls are looking for higher lows and for the price to cross back above the $240 level. Bears are in control of the stock and are looking to see it hold below the moving averages and stay below the $240 level.