FUBO Stock Forecast 2023: Paving the Way or Facing Challenges?
FUBO stock is currently seeing a weak bearish momentum on the weekly and daily technical charts. On the daily chart, the asset price is seeing a strong upside momentum. fuboTV is currently trading near the value of $2.25, with a loss of -3.43% in the intraday session.
The downtrend trend of FUBO may halt near the value of $2.22. Meanwhile, the support of the asset price is also near $2.2. fuboTV Inc.’s price is currently below the 50, 100, and 200-day EMA. If the price surges beyond the 200-day EMA, then a strong upside trend can be seen in the future.
FUBO stock price prediction indicates that the share is presently trading within the firm grasp of the bears. Despite making several attempts within the past few months the FUBO stock bulls have not been successful in breaking the price above its crucial resistance levels near 100 and 200 EMA on the 1-day chart.
The technical indicators favor the bears projecting a pessimistic perspective for the buyers. RSI and stochastic RSI oscillator are moving near the overbought zone whereas the major EMA lines are acting as barrier points for FUBO price.
What’s the Technical Analysis of FUBO Stock Tell?
CMT by shubhamsm006 on TradingView.com
fuboTV Inc (NYSE: FUBO) gave negative returns in the past month of -25.59% and -9.43% which demonstrates the negative momentum in the stock.
Currently, fuboTV Inc stock (NYSE: FUBO) is trading below the 50 and 200-day EMAs (Exponential moving averages), which are supporting the price trend.
Nevertheless, if more selling volume adds up then the price might hit lower levels making lower highs and lows. Hence, the FUBO price is expected to move downwards giving bearish views over the daily time frame chart.
The current value of RSI is 38 points and the 14 SMA is above the median line at 51.31 points which indicates that the fuboTV stock is bearish.
The MACD line at -0.0631 and the signal line at -0.1069 are above the zero line. A bearish crossover is observed between the MACD line and the signal line indicating more bearishness for the FUBO stock price.
Summary
FUGO stock momentum is currently in favor of the bears, and the stock price may continue to decline. The stock price is trading below its moving averages, and the RSI is in oversold territory. This suggests that the bears are in control, and the stock price may continue to fall. However, there is always the possibility that the stock price could reverse course and start to rise.
Technical Support and Resistance Levels
- Resistance levels: R1 = 3.86 and R2 = 4.34
- Support Levels: S1 = 2.41 and S2 = 1.44
Disclaimer
This article is for educational and informational purposes only. It is not intended to be a source of financial, investment, or trading advice. Stock investing and trading involve risk. You should evaluate your own situation and risk tolerance before making any investment decisions.
