FuboTv Stock Tumbled 9%; Will FUBO Stock decline further?

FuboTv stock price (NYSE: FUBO) fell almost 9% in the previous session and formed a bearish pattern. It fell by 39% in the August month and showed signs of a bearish trend reversal.

FUBO stock faced sharp rejection from $3.85 and the price slipped below the 50 and 200-day EMA. It indicates that the short-term trend as well as the positional trend has again turned down.

FuboTv Inc. stock performed well in the past few months and created a positive hope of revival for its investors. However, the previous rally looks temporary and prices again reverted in a downward direction.

At the beginning of June, Fubo stock gained positive momentum. Later, prices began to rise by forming higher high swings and rallied 150% in the period of 2 months.

Fubo stock breakout of the $3.00 hurdle with strong buying volume which further boosted the momentum. However, due to the quarterly earnings the momentum halted near $3.85 and prices faced rejection.

FuboTv stock price closed the previous session at $2.05 with an intraday decline of -8.89%. The market capitalization stands at $599.80 Million.

FuboTv Stock Erodes the Gains After Earnings

FuboTv Stock (NYSE: FUBO) begins the correction after the release of quarterly earnings. It fell approximately 47% from the recent swing high and still no signs of recovery of bounce is visible.

FuboTv Inc. reported an EPS of -0.17 and revenue of $312.735 Million. The company beats the EPS estimates by 43.66% and revenue estimates by 3.47%.

Despite that, Fubo stock price reacted negatively, and panic selling was triggered from the higher levels. It erodes the majority portions of the previous gains. The technical analysis suggests FuboTv stock is in bear grip and the downside is possible in the coming months.

FUBO Stock formed a bearish engulfing pattern

FUBO Stock price formed a bearish engulfing pattern on the weekly time frame. The sellers seem more active as compared to buyers. On the lower side, the $2.00 support level is at risk and bears are likely to take over the control.

However, if any short-term pullback came then also price might face difficulty to hold the higher levels.

The MACD curve displayed a negative crossover and the histogram bar is red. It indicates bearishness might continue in the coming session. Whereas, the RSI at 37 slopes down denoting weakness but near to oversold territory.

Conclusion

FuboTv stock price (NYSE: FUBO) witnessed a panic sell-off after the release of quarterly earnings. The technical analysis suggests Fubo stock is in a downtrend and more downside is possible.

Technical levels

Resistance levels: $3.20 and $3.85
Support levels: $1.80 and $1.50

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.