What FuboTV's Stock Chart Is Saying
All eyes continue to be on FuboTV ($FUBO) in the last few months. Short sellers came out on full attack, while the company fought back and adjusted revenues to the upside. I called the top on December 22nd via Twitter. You can see the call below:
$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
I then proceeded to call the exact bottom and warned the bounce will fade on this post. The chart was hit hard due to a factor of many things. It wasn't just the short sellers (whose short thesis is weak, they all have a poor track record as well). Once a stock pulls back in the manner of what FuboTV did it needs a bit of sideways movement. This is exactly what we are seeing right now. This consolidation is required before it can technically move higher.
As I said on my bottom call, stocks that hit my short signal (at the top) always end up going higher in the medium term. FuboTV will be no different, especially after this last week's action as it continues to bottom out before it's ready to go back up.