Draft Kings looks to be breaking down under the neckline of a long term head and shoulders pattern. This is extremely bearish and suggests a target in the $15-$20 range based on the height of the head from the neckline. Possible retest of the neckline before the crash. If the neckline resistance holds, look out below. If DKNG can break through the neckline with confidence, the pattern and trade setup could be invalidated. I personally prefer to wait for the neckline test before entering a position.
Note
More conservative price target is $25, reasoning in a reply comment below.
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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.