$DKNG Short-term Bullish, Daily TimeframeHey what's up ya'll! I hope you guys are doing well. There are many companies that are reporting earnings this week ( NASDAQ:DKNG is reporting next week Thursday, Nov 7).
I'm still debating whether or not to hold contract passed earnings since it may cause a drop and I would rather exit then to hold. If I'm up at least 15% on the contract I'll put a trailing stop loss.
Contract purchased:
- 17 JAN 25 40c (down -5%)
Entry Price:
- $37.22 @ 3:34pm
Rationale for contract:
- Price appears to have hit a support around $36 (previous resistance)
- Price hit the all-time 0.618 bullish Fibonacci
- MACD curling up; blue line approaching the orange line that indicates bullishness
- RSI @ 46; near the medium line of 50
Conclusion:
If price goes below the previous weekly low at $36, I'll cut.
If price hits $41 before earnings, I'll sell or put a 5% trailing stop loss.
Dknglong
DKNG 1H BULLISH FLAGHere is a bull flag on the 1H timeframe and if you look closely there is also somewhat of an inverse head and shoulders forming signaling equilibrium between buyers and sellers. Expect imbalance next to either direction but according to the trend there is a higher change of a push to the upside once imbalance is created.
DKNG Inside Bar CALL side.Here is a 4h Inside bar on DKNG with a Macro trend line to support bullish bias. Be warned this trade can break below the inside bar and trigger a sell of creating another leg down. Watch for micro pull backs(5m-10m) after green level is broken for entry opportunities.
CAUTION: This trade CAN takeoff at open giving no pull back entry opportunity so do NOT let fomo give you an entry with no idea of R:R.
Is DKNG a bettable buy?As shown on the daily chart DKNG has been on a clean rise this entire year now up 100% over
the first six months. An earnings report is due in about three weeks. Sports betting
may have some seasonability and most of all collegiate and professional sports are in the
off season at this time. No matter, the chart shows a steady rise since the last earnings
( small) beat in an ascending channel between two and three standard deviations above
the mean VWAP anchored one year ago. The MTF RSI indicator of Chris Moody shows both
RSIs at about 70 and so not overbought. Trading volumes are steady and consistent. The
relative volatility indicator shows some increases in the past 9-10 trading days. Overall,
I believe that DKNG is suitable for a long swing trade which I will close just before
earnings.
dkng bull flagLooking through some charts and noticed a bull flag forming in DKNG. Provided the overall market doesn't implode over the next couple days, I'm thinking it fights its way back up into the 16s not expecting it to break out of the flag formation but definitely possible/likely to test the top of the channel imo. Nice volume gap from here all the way up to the 16s area doesn't provide a ton of resistance. One issue I am seeing is the IV on the options contracts is very high. No position currently but will keep on watch and look to play it if the set-up stays the same. Not financial advice!
DKNG - Draftkings Deep Crab Harmonic Weekly setup.DKNG - Draftkings, perfect harmonic deep crab setup with the 161% PRZ being respected and a nice bullish engulfing on the weekly to trigger entry. long with T1 @ 34.50 T2 @ 49.95 SL 9.65 RR @ T1 = 2 : 1, RR @ T2 = 3.88, SL moved to break even at T1 and half profits to be booked. weekly setup so patience required as setup will take a while to play out.
Watching DKNG for bounceAs you can see from the chart DKNG bounced at a strong support area that was established back in Feb 2020-April 2020. We can see a clear RSI divergence leading up to the bounce at support. We can also see there was a downside breakthrough of auto fib extension however it quickly retested and bounced from there. With these indicators occurring in unison with the emergence of the Draftkings sportsbook and casino in numerous states across the U.S I think it could be a good time to enter into a position. (RSI oversold and MACD crossover indications are very bullish on 1 week chart)
$DKNG Sellers are getting FULL!!! New York just legalized sports betting and NASDAQ:DKNG (DraftKings) is already breaking records in the empire state.
Confluence: Divergence between RSI and Price action;
Entry: Sub $20 is an ideal entry but the price won't stay that low for long
Target: All-time highs by end of 2022
DKNG: another bounce candidate?DKNG :
Some pros and cons to play a potential bounce.
--Big Wyckoff distribution on weekly and daily.
++ Hammer candlestick on weekly (indicating bullish reversal if next candle confirms it, i.e.we get follow through)
++ Bullish RSI divergence on daily (that you can't see on my weekly chart)
Since I like the set up I will look for an entry today, but only for a swing trade (maybe 1 or 2 weeks max ). My target is around 33-35 .
Be careful below 27.
Trade safe!
DKNG Ready For ReversalDKNG has been beat down waaay too much, the bottom has got to be near. Bullish Divergence on the MFI makes me believe this is primed to pop. Watching for a break of the falling channel before entering short term calls and LEAPS. Looking for $30-$32 in 1-2 weeks. Institutions own 62.5% of DKNG, up .58% from last quarter. Don't let the shorts fool you, great buying opportunity. This is one of my core positions along with SOFI & CHPT and I expect them all to make a swift move to the upside!
DKNGDraftkings Inc (NASDAQ:DKNG) The stock is bouncing after seeing weeks of strong downward movement. While DKNG's short-term trend seems to have reversed, a close above the pivot pocket 28.80 could lead to more relief and confirm the possible bottom. I think we could see more gains next week as the heavy volume of the last two days should attract some more bottom feeders. As I tweeted on Thursday I took a position around 24.5 and doubled it on the break of 25 looking for an initial target around 30.7 Lets see what Monday brings us.
LT Swing Position for Draft Kings Inc(DKNG)Currently, I see Draft Kings Inc( DKNG ), coming off a Head & Shoulder pattern on the 4hour, Daily and Weekly time frame. Before my further analysis, all the information will be accurate with each of these time frames. The Fibonacci levels I have marked have been respected by this chart. DKNG could be coming down into a supply zone within the ranges of $34.39-$30.75 and act as a potential support. This range could also be used to down cost average the position. If $30.75 is broken, the technical analysis is broken and the position exited. The fibonacci levels would be used for take-profit levels such as 0.786($42.87) for the first, 0.618($49.57) for the second, and so on. DKNG missed its previous earnings report(11/5/21) and could be priced in already. With the sport seasons having started, DKNG could likely react bullish on the charts with its next next earning report also being beat. As well, there have been rumors of companies such as Disney and others looking to purchase stakes in sports betting companies( Bullish for sector), with DKNG being a viable candidate and a likely one.
LT Swing Position DKNG (Shares, Possible option leaps)
Risk: 3.5/5, DKNG has yet to reverse or show any signs of reversal
*Trade with your own due diligence and discretion!*