Roblox Stock Holds Key Support, Looks Bullish Again

Roblox Corp. RBLX shares are trading higher Friday after the company was mentioned positively on CNBC.

The stock is moving higher as the anticipation of the metaverse grows bigger. The stock has been able to hold above a key support level.

Roblox closed the final session of the year 2.62% higher at $103.16. 

Roblox Daily Chart Analysis

• Shares are holding support at the $95 level, which once held as resistance in the past. If this level were to fail to hold as support, the stock could find support near the $70 level.
• The stock trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the stock is seeing bullish sentiment. Each of these moving averages may hold as a possible area of support in the future.
• The Relative Strength Index (RSI) has been climbing higher in the last couple of weeks and now sits at 49. This shows that the stock is seeing more buyers entering the market and that the buying and selling pressure is relatively equal.

What’s Next For Roblox?

Roblox is holding the $95 level as support, which is a bullish sign because this is an area that once held as an area of resistance. If this area can continue to hold as support the stock may see a bullish push in the future. Bears are looking to see the stock fall back below the $95 level and then go on to push below the $70 level as well.