Roblox Corp. (NYSE: RBLX) shares are trading higher Friday, possibly pushing in continuation after the company announced better-than-expected third-quarter earnings results Tuesday. The stock is still seeing above-average volume days after the large gap from earnings.
Roblox was up 8.67% at $106.63 at press time.
Roblox Daily Chart Analysis
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The stock looks to be in a period of consolidation after seeing the large gap up from earnings and breaking out of the falling wedge pattern.
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The price was able to break out of the narrowing highs and lows and now is moving sideways while seeing days of above-average volume.
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The stock trades above the 50-day moving average (green), indicating the stock is likely facing a period of bullish sentiment.
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The 50-day moving average may hold as an area of support in the future for the stock.
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The Relative Strength Index (RSI) has been consolidating and sits at 66. This shows the stock is still seeing more buying pressure than it is selling pressure.
Related: Roblox Stock Skyrockets: What’s Going On And What’s Next?
What’s Next For Roblox?
Bullish traders want to see the stock continue to consolidate for a time and be able to hold the gains it has made. Then bulls are looking to see the stock continue its run higher. Bulls would like to see the stock continue higher while making higher lows for consistent steady growth.
Bearish traders are looking to see the stock start to fade back lower and head toward the wedge pattern once again. Bears are then looking to see the stock fall below pattern support for the downtrend to continue.
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