$FUBO Descending channel and Broadening right angled formationAfter reaching all time highs as a result of "short squeeze" during late 2020 $FUBO crashed to $23 forming a support line. The price of the stock increased to $58 per stock with good news on acquiring streaming rights of European Football games. People started dumping their stocks (including me) making a huge profit and got out of game.
I would say overall Fubo is bearish and is trading between 2 red lines (descending channel) making lower highs and lower lows. During march the price fell below $23, breaking the previous support line and making new lows. What caught my attention is that the stock broke out of the descending channel by forming a broadening right angled pattern. The stock made 2 minor highs and 2 minor lows which confirms the formation of the pattern. Our previous support line turned into horizontal top resistance line and down slopping trend line once again confirms the broadening right angled formation. The stock made partial rise towards the top trend line but failed to touch it during last few days. I expect short term bearish continuation. I would expect 10-15% decline in price in upcoming 2 weeks.
I would suggest to wait for the final confirmation of volume as in these types of formations prices can break out in either direction.
This stock is on my watchlist and I made a good profit In January. I will give you an update next week if I see any signs of a breakout.
Good luck and trade smart! (not a financial advice)
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