Fubo TV Inc Stock Price: Key resistance levels in sight after impressive Friday rally

• FuboTV staged an impressive 12% rally on Friday.
• FUBO still in a bearish trend but key resistance levels await testing.
• FUBO is a meme stock favourite, having surged in early 2021.

FUBO shares staged a strong rally to finish out Friday, gaining 12% to close at $23.31. 

FuboTV is a sports-centric streaming company. It offers customers live streaming sports events as well as news and discussion programmes focusing on the major sports events of the current time. FuboTV offers streaming across multiple devices, with subscription services and additional fees for enhanced or additional sporting events.

Fubo stock forecast

The catalyst for Friday's move was the announcement by FUBO that it has secured the rights to the 2022 World Cup qualifying matches for South American teams.

This looks to have ensured FUBO has put in a nice bottom on the chart and is now targetting a breakout of the recent range.

The first resistance level to break is $26.13. This has added significance of being the low from March 5, also having been retested on March 26, when FUBO closed just shy of the level. A break here should see a quick move toward the higher range of $28.20 to $34.46. These levels are both 78.6% and 61.8% Fibonacci retracement levels of the last downward move from the spike highs in January. A potential rally breakout of $26.12 should not run into much resistance, as price and volume are not significant until nearer $30.

Basically, FUBO is setting up for a breakout of one range ($20.23-$26.12) toward a new one ($28.20-$34.46). Failure to break the upper resistance will likely see a continued sideways move, with a test of the lower end of the current range at $20.23.

However, bulls appear to be more favoured, as FUBO has broken above the 9-day moving average and the MACD is just about to cross over, further adding to the bullish argument. The upper end of the new range at $34.46 would also end the series of bearish lower lows and lower highs by taking out the high from March 16.

A bullish trade can be played by waiting to buy the breakout of $26.12 with a tight stop just below, as the move should not retrace quickly. Alternatively, traders who wish to get in earlier can buy at current levels with a stop below the 9-day moving average, as this is driving the current trend.

FUBO daily chart

The hourly chart gives a closer look at the MACD crossover. 

FUBO hourly chart

 

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