- FUBO shares blasted past the 20-week SMA on June 7.
- In May FuboTV was down 76.5% from its all-time high in December 2020.
- FuboTV streaming app was attached to LG Electronics's smart TV platform last week.
Sports streaming platform FuboTV (NYSE: FUBO) confirmed a bullish move on Monday, June 7, after closing up nearly 13%. The move follows four weeks of higher weekly closes, with yesterday’s move assuring bulls the party will continue after the stock surmounted the 20-week Simple Moving Average (SMA).
FUBO technical analysis: Shares approaching March resistance
Closing at $30.46 on Monday, bulls will now eye the top of the supply zone at $34.14 from the brief swing high in early March. If they can push the price above here, the next resistance level is the mid-March high of $34.72. There is some evidence that the price may continue to rise. The Relative Strength Index (RSI) is, at the time of writing, above the midpoint at 56 even after a full month of demonstrated strong green candlesticks.
Management’s announcement on June 4 that their subscription entertainment streaming app would now appear on LG Electronics’ smart TV platform catapulted FUBO shares higher, helping it to breeze past resistance below $30. With LG TVs popularity in the US, observers think that FuboTV’s inclusion will help the company meet its 100% YoY goal of raising revenue to approximately $525 million for the full year 2021.
If FUBO shares close above $34.72 on the weekly chart, the next barrier is the zone directly above $42. This obstacle comes from both weekly resistance and support points during FuboTV’s remarkable rally between December 2020 and February of this year. Above $42, there is a number of varying resistance levels, since FUBO fell a full 76.5% from its December 2020 all-time high of $62.29. If the stock fails to surmount $34.72, then support can be found at $28.81, the 20-week SMA, and $22.21, the 50-week SMA.
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