I am seeing about 27% short interest in FUBO, but I do not trade on this. My technical reasons are sound, and short interest may drive stock higher if it moves up. There is a large sell block today, 22k, at $8.03, which may clear this week for stock to move higher. Call options are very cheap so I suggest taking 14Apr and later expiry. This stock has not gotten attention yet (unlike other meme stocks) but I think it will. Buying here below 8 gives you a very low risk swing trade with a tremendous reward potential.
Weekly chart
> RSI and stochastic both are exiting from oversold levels and may see buyers in the next few weeks
> Ovals highlight previous move up which could repeat, technically speaking
> During price rise marked by oval RSI held over 40, so this this time with it coming from below 30 there may be more buying power
> Set 8.40 alert - over this could see a sustained move higher
Daily chart
> Bullish divergence complete (green lines), followed by strong move over the downtrend line
> Stochastic %K gave a warning for more upside price action (rectangle), and %D still has to move higher
> Looking for RSI to move over 50 and stay, to support more upside
> Green arrow marks a bullish 3 candle move that helped 10ema move over 20sma
On 30min chart, 20sma is above the 200ma and the cloud. You can draw a support line from the highs on 18 & 23 March.
Weekly chart
> RSI and stochastic both are exiting from oversold levels and may see buyers in the next few weeks
> Ovals highlight previous move up which could repeat, technically speaking
> During price rise marked by oval RSI held over 40, so this this time with it coming from below 30 there may be more buying power
> Set 8.40 alert - over this could see a sustained move higher
Daily chart
> Bullish divergence complete (green lines), followed by strong move over the downtrend line
> Stochastic %K gave a warning for more upside price action (rectangle), and %D still has to move higher
> Looking for RSI to move over 50 and stay, to support more upside
> Green arrow marks a bullish 3 candle move that helped 10ema move over 20sma
On 30min chart, 20sma is above the 200ma and the cloud. You can draw a support line from the highs on 18 & 23 March.
Comment:
Yesterday's 5 min chart looks terrible! Price was two pennies short of 8.00 before falling for the rest of the day. The daily candle looks bad, but since price is so close to the lows here the risk-reward makes it a good position to hold. Earnings in May.
