Roblox Pairs Up With Ralph Lauren For Fashion In The Metaverse, Offering Exclusive Digital Collection

Roblox Corp. RBLX shares are trading higher Wednesday after the company announced it is going to pair with Ralph Lauren Corp. RL to debut the Ralph Lauren Winter Escape in its game to show off holiday fashion themes. This is a part of Roblox’s goal to become a part of the metaverse, and the Ralph Lauren Digital Collection will be exclusively available for purchase on Roblox.

Roblox closed up 7.58% at $124.78 Wednesday afternoon.

Roblox Daily Chart Analysis

• Roblox saw a large upward move after breaking out of what technical traders call a falling wedge pattern and is now forming into a bullish flag pattern.
• The price had fallen for a time while condensing between the highs and lows to form a wedge pattern. After breaking out, the stock is now seeing a period of consolidation and forming into a bullish flag pattern. If able to break above resistance or below support, the stock may see a further push in the same direction.
• The stock trades above the 50-day moving average (green), indicating the stock is likely facing a period of bullish sentiment.
• The 50-day moving average may hold as an area of support in the future for the stock.
• The Relative Strength Index (RSI) has been trading sideways above the middle line and sits at 60 on the chart. This shows that buying pressure has been greater than the selling pressure throughout the past few weeks.

What’s Next For Roblox?

Bullish traders are looking to see the stock break above the pattern resistance in the bullish flag which may cause a further period of bullish movement. Bulls look to be in control of price action and may retain control as long as the stock stays above support and the 50-day moving average.

Bearish traders are looking to see the stock fall below support in the bullish flag pattern and to start heading lower. Bears are looking for the price to fall below the moving average and back toward the area of the wedge pattern formation.

Related Link: Looking At Roblox's Recent Whale Trades

Photo: Courtesy of corp.roblox.com