During the Lightning Round segment of "Mad Money" Tuesday night, a caller asked host Jim Cramer about FuboTV (FUBO) .
"This looks like a dynamite quarter," said Cramer about the sports streaming service.
Let's check out the charts.
In this daily bar chart of FUBO, below, we can see that prices have had some wide up and down swings the past 12 months. Prices are currently back above the rising 50-day and rising 200-day moving averages. Trading volume has been diminishing but the direction of the On-Balance-Volume (OBV) line is the most interesting technical development.
The OBV line has moved irregularly higher this year even as prices declined sharply. This suggests a lot of scale-down buying and the potential for further gains. The Moving Average Convergence Divergence (MACD) oscillator looks poised for a new buy signal.
In this weekly Japanese candlestick chart of FUBO, below, we can see a long base in the $10 area. The same strong pattern on the OBV line can be seen in this time frame too.
In this daily Point and Figure chart of FUBO, below, we can see the recent sharp gains and a potential $50 price target.
Bottom line strategy: Try to buy FUBO below $30 risking a close below $25.
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Investors can measure out their long positions at these levels.
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