Will Fubotv Stock Fall Below $2?
FUBO stock price is reversing and fell approximately 8% in the last two trading sessions. It faced rejection from $3.36 and declined by forming lower low swings.
Fubotv stock price drops below the 200-day EMA indicating that the trend has reversed down again.
It struggles to hold the 50-day EMA which is acting as an immediate support for bulls. If the price slips below the 50 EMA, then a sharp decline of 15% to 20% is possible.
In July, FUBO stock price performed well and rallied more than 98% from the lows. However, the rally lacked fresh buying so it did not sustain on higher levels, and the price witnessed profit booking.
Later, the stock declined and eroded the majority portion of its previous gains. The trading volume in the Fubotv stock price is in a declining phase showing the buyers are less active and reluctant to build long positions.
The price structure of the stock is bearish and no signs of upside reversal are visible. Therefore, the investors must be careful before creating any positions at the current levels.
FUBO Stock: Which will Come First $2.00 or $3.00?
FUBO stock price lost the bullish momentum and reverted down. The sellers seem more aggressive as compared to buyers so more downfall is possible.
Fubotv stock closed the previous session at $2.45 with an intraday decline of -6.84%. It shows that sellers are highly active and short-term upmove will be sold off.
Till Fubotv share price trades below $3.00, it is expected to remain bearish. The technical analysis suggests FUBO stock is in a downtrend so the price might hit $2.00 first by October end.
Will Fubotv Stock Price Consolidate?
Fubotv stock price formed a bearish candle on a weekly time frame. Meanwhile, the broader stock market indices are also mildly bearish. So, it may impact the FUBO stock in the coming weeks.
The MACD curve is sloping sideways and trading near the zero line. It indicates that the price might consolidate for some time in a range before deciding the next direction.
The RSI at 46 denotes weakness so if the price declines further, then RSI might enter in an oversold territory.
Conclusion
FUBO stock price is reversing and fell 8% in the last two sessions. It shows that sellers are active and more downside is possible. The analysis suggests that Fubotv stock price is bearish and might drop below $2 by October end.
Technical Levels
- Resistance levels: $3.36 and $3.88
- Support levels: $1.95 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.
