Fubotv Inc. (NYSE: FUBO) seems to be poised for a price surge according to its charts. FuboTV Inc. operates a live TV streaming platform for live sports events, news, and entertainment content in the United States and Europe. Its fuboTV platform allows customers to access content through streaming devices, as well as on SmartTVs, computers, mobile phones, and tablets.
Bullish Indications
#1 Symmetrical Triangle Pattern breakout: The daily charts shows that the stock was recently forming a symmetrical triangle pattern. This is marked in purple color lines. A symmetrical triangle pattern represents a period of consolidation before the price breaks out. This is typically formed when there is indecision in the price movements and uncertainty among the buyers and sellers. Once a breakout from the upper trend line occurs, it usually signifies the start of a new bullish trend. Currently, the stock has broken out of the symmetrical triangle pattern. This is a possible bullish sign.
FUBO – Daily Chart
#2 MACD Above Signal Line: In the daily chart, the MACD line (light blue color) is currently above the MACD signal line (orange color) which is typically considered bullish.
#3 Trading Above MAs: The stock is currently trading above both its 50-day and 200-day SMA, which implies that the bulls are currently in control.
#4 Bullish Aroon: The value of Aroon Up (orange line) is above 70 while Aroon Down (blue line) is below 30 in the daily chart. This indicates possible bullishness.
#5 Bullish ADX: The ADX line has currently moved up from below –DI and +DI lines. The +DI line and the ADX line are also currently above the –DI line. This indicates possible bullishness.
#6 New Uptrend: The weekly chart shows that the stock has currently started a new uptrend. This uptrend line is shown in pink color in the chart below. This is a possible bullish sign.
FUBO – Weekly Chart
#7 Bullish MACD: In the weekly chart as well, the MACD (light blue color) is currently above the MACD signal line (orange color). This indicates a possible bullish setup.
Recommended Trade (based on the charts)
Buy Price: If you want to get in on this trade, you can purchase the shares of FUBO above the price of $35.40.
TP: Our target prices are $42 and $47 in the next 4-6 months.
SL: To limit risk, place a stop loss at $31.80. Note that this stop loss is on a closing basis.
Our target potential upside is almost 19% to 33% in the next 2-6 months.
For a risk of $3.60, our target rewards are $6.60 and $11.60. This is a nearly 1:2 and 1:3 risk-reward trade.
In other words, this trade offers nearly 2x to 3x more potential upside than downside.
Risks to Consider
The stock may reverse its overall trend if it breaks down with high volume from the symmetrical triangle pattern. The sell-off of the stock could also be triggered in case of any negative news, overall weakness in the market, or any regulatory changes in the sector.
Happy Trading!
— Tara
This is the #1 Stock to Buy for the AI Tidal Wave [sponsor]Marc Chaikin warned people about NVDA before its 2023 bull run - now he's naming his next pick or the AI tidal wave. Learn more here.