Options Bulls Eye FUBO's Russell 3000 Inclusion

Calls are running at double their intraday average

Deputy Editor

Jun 22, 2021 at 2:15 PM

The shares of streaming name FuboTV Inc (NYSE:FUBO) are up 1.7% to trade at $32.16 at last check, after news that the stock will join the broad-market Russell 3000 Index, effective June 28. Extending yesterday's three-month highs, today's pop has previously middling FUBO breaking out past pressure at the $31 region. Year-to-date, the equity is up 14.1%.

fubo jun 22

Meanwhile, options bulls are chiming in at double what's typically seen at this point. More specifically, 125,000 calls have crossed the tape so far today, in comparison to 12,000 puts. Most popular by far is the weekly 6/25 35-strike call, followed by the 33-strike call in the same series, with new positions being opened at both.

However, FUBO could be due for a short-term breather. This is per the stock's 14-Day Relative Strength Index (RSI) of 66 is nearing "overbought" territory. Plus, the $34 mark still looms large. This region acted as a floor for FUBO prior to a bear gap the stock experienced in early March. Since then, it's kept a tight lid on the shares.

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