DKNG Showing Strength DKNG is at a possible Macro-Higher Low putting in a 4h pinbar with a small hourly flag. Will be a good stock to keep an eye on this week for potential buy opportunitites.
Dkngshort
DKNG FLIP BEARISHHere is a simple trend-line break but put into price action terminology this is a break below bullish gap- lows with a intraday retracement to potential Lower Highs (PLH). Can expect a move back down following momentum back to previous Higher Lows (HL) and further
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.
DKNG momentum reversal.Ugly H&S within an uptrend above weekly candle pattern breakout. Will be a nice swing opportunity and for paper handers, can be a 2 day hold for 100%+, trim at or near highs and leave runners after.
DKNG Bearish to 50MANASDAQ:DKNG has been sideways last few weeks. Now its showing weakness.
On daily its an outside bar downside. A bit of stochastics divergence and 20MA starting to turn down. On weekly its a 2D and far from 20 and 50 MAs.
Plan is to enter at low of Friday's candle ($24.39) and take profits at least at $23.
$DKNG another leg lower. Bottom between $3.93-$5.42There looks to be another leg lower coming for $DKNG (which to me would be the capitulation leg).
I think the bottom would be somewhere between $3.93 and $5.92 -- at the bottom of the blue channel.
After we get the drop, that's where I think there's a good opportunity to buy. If you're currently long, beware of potential for a large drop. Set tight stops.
Good luck.
DKNG daily bearish hammer at Fibonacci 50% retracement wave 3Sell Stop 15.84 LMT 15.84 GTC
Buy Limit 11.82 GTC
Buy Stop 18.11 GTC
DKNG daily bearish hammer at Fibonacci 50% retracement wave 3 downtrend take profit to fib extension 1. Stop loss above fibonacci retracement 68%
DKNGRequested by @RocketFuel20
Not financial advice.
The essence of investing & trading is the intelligent and patient preying on the greed, fear, impatience, addiction and ignorance of the majority. It's definitionally Darwinian.
DKNG: Ready to run through football season One of the nicest setups out there right now. Won the battle at the volume shelf. Ascending triangle with advanced MACD breakout. Should steadily climb back up to retest ATH over the next couple months.
DKNG BearishDFKNG is at resistance.
If it breaks the triangle it could turn bullish however right now it looks like it should just bounce of off the resistance.
DKNG $56 PutsDraftkings had a major red day -8.00% today, which has it sitting at an old support level that it's touched over 4 times.
If DKNG manages to maintain below 58.30 today, we could get in for puts to $56
Next SL point is $56
DKNG Cup & Handle - Short term PT of $65 before heading higher$DKNG looks to be forming a Cup & Handle pattern. This may be the start of the handle formation.
Appears to be topped out at this $72. Looks like it will move to a short term downside to $65 before heading higher to new highs.
Short Term Target: Pullback to $66-65 based on 61.80% fib level
Price: $71.75
Support: $65, $70
Resistance: $72.60
DKNG long term accumulation periodSo everybody seems to be buying the Draft Kings hype lately. I've been told there's a Cup and Handle forming up, good deals ahead, and so on and so forth.
From the way I see it this is a time with too much uncertainty in the long term. And I think we can see that reflected on the stock price.
- First we can see two trends, in yellow, forming a symmetrical triangle that broke downwards on December 28th.
- Price is directly testing that 50 MA (red line). Moving averages act as a good form of dynamic areas of support and resistance. Just by looking at previous price history we can see that every time bulls failed to hold that level at the 50 MA, prices fell down dramatically for a considerable period, and conversely when bears didn't hold that spot, bulls started rallying.
- We have several indicators already, or about to be, giving bearish signals (MACD, RSI, Stochastic). On my screen, we can see the price falling and currently trading inside the Ichimoku cloud.
My take is that if we lose this level of weekly support, which coincides with the 50 MA support, price is gonna keep dropping steadily for a while. We need just another failed retest of that descending trend-line acting as resistance (yellow) to confirm this theory - which is also forming a descending triangle.
In cyan blue arrows the path I think price is gonna follow. I believe that if we do form a descending triangle it's gonna signal a price continuation - best time to buy is gonna be when price squeezes near the end of the formation.
Could be wrong. Maybe the hype is real. Maybe that decline of volume over time is signaling a local bottom on that weekly support. We'll see.
Best of luck, lads.
DKNG Wave 2 CorrectionDKNG is currently correcting. Yes, there is a lot to look at here, but just watch the Elliott Wave count and the trendlines. It broke a 2 month uptrend line yesterday, retested, and came back again. It has finished the overall upward Wave 1 move (made of 5 waves), and is now correcting down to one of the 4 green support fibs I've drawn. The 4 supports drawn are $47.92, $45.43, $42.94, and $39.87. We have confluence with a fresh (price has never touched) demand zone at $40, & it is an important psychological support for a stock that has so much bullish sentiment around it. If I had to guess, the correction would be most likely complete at $40, assuming none of the others hold.
From the drop this week, we've created stacked supply . This means that the next time price returns to this zone, DKNG is likely to get held up, unless bulls are extremely strong. The entire price area from $51.50 to $55.50 contains daily or hourly supply (since sellers have been in control since December 18th). So, be cautious next time price touches that area. As I said before, there is confluence at every fib support level. We have a used daily demand from $47 - $49, along with a smaller 2 hour demand within that. I believe price is likely to break this zone and continue correcting downward, but we have already seen a small bounce in the zone. This confirms there is still demand/buyers in that area. The next major demand zone is from $46 - $47, and finally, 1 hour demand at my preferred target of $41-$42.90 . The final zone around $41 is the unused one, making it the most likely zone to hold, as price has retested all other zones at least once. Zones being retested eliminates the buy orders in that zone that hold the stock up, so a zone that has never been retested still has buy orders ready to be filled.
At the time of writing, we have a bullish divergence on the hourly MACD . That tells me we're due for a pop back up in price very soon. DKNG is also technically oversold on the RSI, adding confirmation of a short term pop.
On this potential bullish move, I believe $51 is a good target to be out of a long position. The previously mentioned daily supply begins at $51.45, and my 2 month upward trendline has been broken, and is now confirmed as resistance. Price traded at the trendline, and could not break back above it. If we get a move up, price should extend far enough to hit this trendline, which is around $51, depending on how long the move takes.
In total, expect a month long pullback on DKNG. It had a very strong 60 days from November to December, and already seems to have started the correction.
DKNG DraftKings Reach Oversold StatusInvestors are beginning to get spooked out of their shares due to multiple factors: COVID-19 Positive Test Results in the NFL and PIPE Shares officially becoming unlocked.
Shareholders are forgetting the Major Supporting Catalysts to this company:
-Exclusive Deal with ESPN/Disney
-Becoming an exclusive partner to multiple Professional Sports Teams and Leagues (NFL/MLB/PGA/NBA)
-Disney holding a Major Stake
I Highly Suggest you consider adding before this stock regains strength.
Buy Zone and Targets for Draftkings $DKNGMy Updated Buy Zone and Targets for $DKNG
(Not financial advice)
DKNG PUTS look nice herefailed to break resistance making its way back down, we could see a movement down to 48$, theres a gap at 50-51 as well! PUTS will PRINT
