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Fubotv stock price (NYSE: FUBO) shot up 13% in the previous trading session. - 2
FUBO stock price holds a 50-day EMA and attempts to break the 200-day EMA. - 3
Fubotv Inc. stock defended $2.00 support and took a U-turn.
Fubotv Inc., FUBO stock price surged 13% in a single day and formed a giant bullish candle. FUBO stock price shows the initial signs of the bullish trend reversal but the confirmation is still awaited.
Fubotv stock price succeeded in climbing above the 50-day EMA showcasing that the short-term trend is reversing upward. Presently it attempts to break the 200-day EMA to bring back the confidence of long-term investors.
FUBO stock price corrected 30% in August 2023 and eroded a big portion of its market capitalization. It raised concerns for its investors and formed a bearish pattern.
However, in the first trading session of September 2023, Fubotv’s stock price showed a sharp bounce. It indicates that correction might have taken a halt and buyers are returning.
FUBO stock price took support near $2.00 and took a U-turn denotes bulls are active at lower levels. The buying volume in $FUBO is rising indicating some genuine investors might have injected the money and expecting the rally to continue.
Fubotv stock price closed the previous session at $2.65 with an intraday rise of 13.25%. The market capitalization stands at $775.35 Million.
Will FUBO Stock Continue the Recovery in Sep 2023?
FUBO stock price is turning bullish on daily and weekly time frames. It will be interesting to see whether the Fubotv stock price can give the follow-up momentum or not.
If the buyers succeed in breaking the 200-day EMA hurdle then recovery might continue in September. On the higher side, $3.18 will act as an immediate hurdle for the bulls.
If recovery continues in FUBO stock then a breakout of $3.18 is possible. On the other hand, if prices drop below $2.00 then bears might pull it down to previous lows.
Fubotv Stock Price Analysis on Weekly Time Frame
Fubotv stock price formed a bullish engulfing candle on a weekly time frame. It created a panic for the short sellers and they might close their positions in the coming week. Fresh buyers are also participating in the rally which will further boost the momentum.
The MACD curve in the FUBO stock is reversing upward and generating a fresh positive crossover. The histogram bar is also on the rise indicating bullishness. The RSI at 58 slopes upward denoting the strength of bulls and more room for upside is open.
Conclusion
Fubotv Inc., FUBO stock price surged 13% and showed signs of bullish trend reversal. If Fubotv stock price breaks the 200-day EMA and sustains. Then more upward momentum is possible.
Technical levels
- Resistance levels: $3.18 and $3.86
- Support levels: $2.00 and $1.48
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/09/03/fubotv-stock-price-surges-13-is-fubo-stock-turning-bullish/