The Price When FuboTV Will Finally Bounce
$FUBO this is where my short signal goes off. But it filled the gap. Not shorting here. But might be good place to take profits.Probably an amazing long term investment.— Chart Learning (@ChartLearning) December 22, 2020
The important thing to note here is every stock that triggers my short signal ends up higher in the coming months. Now to the point of this article, when will FuboTV bounce? I will attempt to explain my prediction here using my proprietary technical analysis.
Referring to the chart above, I believe the price range we are in right now $23-24 is where we should see a technical bounce.
Now, this situation is a bit complex. First off, the bad news is this daily chart isn't exactly oversold. Price isn't close to the lower Bollinger bands (shown above).
For the good news now:
1) We should see a technical bounce as early as Tuesday the 5th 2021. This bounce might not be the turnaround current stock owners are hoping for (I can't predict that). This bounce might be helpful to unload positions if you want out at this point.
2) $FUBO's RSI strength and parabolic pattern (shown in the chart above), indicate this stock will make a comeback and more than likely continue to make new highs. The time frame of this is difficult to say.
3) Again, when my short signal is triggered, the stock in question ends up going higher in the coming months.
For now expect at the very least a technical bounce. After that, for the medium term I am unsure. Make sure to follow this blog and follow me on Twitter for more updates especially for $FUBO.