Can FuboTV Recover Support And See A Reversal? A Technical Look

Fubo TV Inc. FUBO shares are trading higher Tuesday, rebounding following a dip on Monday. The company also raised it's preliminary Q4 sales guidance Monday from $205-$210 million to $215-$220 million, compared to the $211.56 million estimate.

Fubo was up 10.77% at $15.02 at the time of publication.

See Also: How To Buy FuboTV Stock

Fubo Daily Chart Analysis

• Fubo shares have fallen below support in a sideways channel but have since recovered the support line and now trade above the $15 level. If the stock can continue to climb, it may find resistance near the $35 level.
• The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue). This indicates bearish sentiment, and each of these moving averages may hold as an area of resistance in the future.
• The Relative Strength Index (RSI) looks to have found a bottom and is now starting to climb once again. The RSI now sits at 41 and has climbed away from the 30 level where it once sat. If the RSI continues to climb, the price may see a reversal and start moving higher once again.

What’s Next For Fubo?

Fubo looks like it could be seeing the beginning of a reversal if the RSI can continue to climb and the price to start forming higher lows.

Bulls are looking for higher lows to start forming and for the stock to cross above the moving averages, which would indicate that sentiment has turned bullish once again.

Bears are looking to see the $15 level begin to hold as an area of resistance, which would potentially cause the stock to see a strong bearish move in the future.

Related Link: If You Invested $1,000 In FuboTV Stock One Year Ago, Here's How Much You'd Have Now

Photo: Courtesy of press.fubo.tv