FUBO made a beautiful break above 30 today. I have been watching FUBO base and reject off the 30 zone for while now. See previous posts. Price gapped up this morning consolidated for a bit then exploded higher. If you missed the move is best not to chase the latter part of the move because a lot of the volume may have been shorts covering. Once the shorts are thinned out there can be a vacuum effect and price falls back down. Best entry now would be a pull back into the shaded box with targets at the dotted lines above. If price gaps up into the lower target I would wait for a reset. By that I mean wait for price to consolidate and play the break to the higher targets. Given the volume today there is a good chance price has more to go.
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For those looking to enter this here is how I would like to play. Because it has gapped the next target would be the 618 at about 43. My preferred setup would be a pull back into the first green box at 36/34. If it runs I don't chase. Make sure you have a plan and know your time frame. If you are thinking longer term its OK to start building a position over time. ie buying in 3 lots to get a good average price. As long as this stays above the lower green box the base would be intact.Note
So FUBO offered a good entry in the 35/36 zone with a quick push to 38. I was already in the name so I actually added at 35.80 and trimmed again at 38.. My stops are at break even hoping for a push above 40 on the rest. Let see how it plays out. Hope the detail helps.Note
Took off another 1/3 close to break even. Holding last bit longer term if it can stay above 30.Note
Holding small bit but don't really like the price action. Could do this for a while. Another break below 30 and I'll close the rest.Note
Working again. Will like re chart this one if price can work its way up close to 40.Note
Wasn't able to re-chart this but I hope some people stayed in and caught this move. Hit all my original targets.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.