One of the top stocks of 2022 could be Roblox Corp. (RBLX). Here are my top four reasons why.
For one thing, it’s oversold. Over the last few weeks, RBLX pulled back on new monthly users, and booking metrics were lower than expected. In fact, for November 2021, daily average users were up 49.4 million, a 35% increase year over year. However, as Barron’s notes, analysts at Truist were looking for a number closer to 50.5 million. And November bookings came in between $208 million and $211 million, below Truist’s expectations for $215.5 million.
Now, after catching double bottom support dating back to early November, RBLX is starting to pivot higher, as is RSI, MACD, and Williams’ %R. From a current price of $107.63, we’d like to see RBLX challenge prior resistance around $140.
Read more about Roblox stock here
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