Roblox Breaks Out

Most high-profile tech IPOs from the past year have struggled – but not Roblox.

The maker of virtual-reality software ended last week at a new all-time high. Its chart also pulled off some interesting feats.

First, it broke the descending trendline running along the highs of April 13 and May 19.

Second, it had a powerful “kicker” pattern on May 11 after its first quarterly report as a public company showed strong bookings.

Finally is the question of simple relative strength. Companies like Snowflake, $NYSE:PLTR, $NYSE:DASH and Airbnb have drifted lower for months. Ditto for videogame makers like Activision Blizzard and the SPDR Technology ETF. Those comparisons make RBLX’s breakout even more noteworthy.

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