Why FuboTV Stock Could Make A Move In The Weeks Ahead

FuboTV Inc. FUBO shares gained ground Wednesday after the company announced additional programming details around its exclusive live streaming rights to the Qatar World Cup 2022 qualifying matches of the South American Football Confederation. FuboTV will launch a dedicated streaming experience where subscribers can seamlessly stream all qualifying matches.

FuboTV Daily Chart Analysis

• FuboTV looks like it may have broken out of what technical traders call a falling wedge pattern.
• The stock crossed above both the 50-day moving average (green), and above the 200-day moving average (blue) Wednesday, indicating sentiment in the stock looks to be turning bullish.
• The price may find support near each of these moving averages in the future.

Key FuboTV Levels To Watch

• The stock looked to be trading within a falling wedge pattern; this bullish reversal pattern broke out, and now the stock is looking like it could make a trend change.
• The stock was able to cross above the pattern resistance and may see a push up in the coming days.
• Although the pattern is considered bullish, the price of the stock is still subject to move in either direction.

What’s Next For FuboTV?

Bullish technical traders would like to see the stock move higher after the breakout and have a period of consolidation. Following a period of consolidation, the stock may be able to see a further push higher.

Bearish technical traders would like to see the stock fall back to where it was trading before it broke out of the pattern. A break below the pattern support line could let the stock see a push lower.

Photo courtesy of FuboTV.