D2KN34 trade ideas
DKNG Run up into Super Bowl & ERDraftkings has seen a lot of action with lots of sports fans betting on various games recently. With new announcements, like their recent proposition team-up with Bleacher Report for a Super Bowl LV deal and over 200 varieties of prop bets for the weekend. DKNG also announced they have had 4 consecutive months of $100 billion+ in revenue, which bodes well for the company going forward. The stock is picking up momentum, gaining lots of buying volume, with RSI on support. After trying to break out of the symmetrical triangle recently, DKNG looks prime to move into the 60s+ once again.
PT1 62, PT2 ATH, PT3 71-77
$dkng - chillin at daily supportbelow 52.96 we can see 49.32.
above 55.81 we can see higher moves with little resistance.
see fib levels and suppy.
$dkng - symmetrical triangle we are headed for $83.
look or a breakout above the purple trendline. after we clear 56.77, we can easily see 62.01. after 62.01 we see the 65 area which is a difficult area to clear. past 65 easy 83+ target.
65 is an important level.
one thing i will be watching is the negative divergence...
$DKNG 1D A company thats undervalued IMO (Super Bowl run up)A break above 58 can send DKNG to 65 and more easily. Set your alerts and implement a SL. A 30 percent lost is better than taking a 70 percent lost.
Draftkings looking to breakout of an Ascending TriangleHi Guys,
I enjoy posting ideas as its a great way to express the things ive been learning and to get other peoples perspectives. Great way to spin the cycle of learning through each other.
So first things first. We've been trending up an Ascending Triangle pattern since Nov. 2nd after creating a new High on the Daily Timeframe. Currently we are in a middle of a breakout, testing support on the resistance line.
What to watch here is:
Volume - Volume should increase to maintain the momentum upwards
Todays close must be above the red resistance line of the triangle.
What to watch to see if uptrend continues:
RSI continuing upwards, it printed a higher low so we need to see a higher high
MACD blue and red line mouth opening wider
MACD Green bar increasing
STOCH RSI continuing upwards past the 80 level
Other points:
We are above the 50SMA which gives an uptrend or bullish bias
Also notice the yellow line i drew above the MACD. Before a breakout its nice to see MACD flatlining, this means it was in a period of consolidation where momentum was in a standstill due to perhaps almost equal buying and selling.
Comparing this breakout to previous:
it printed a lower high RSI
MACD was also dying out, turning from Green to white which indicates reduced momentum.
Volume didn't decrease which before breakouts is something to look for. The volume before the green candle that broke through the resistance line had a slight decline. Its nice to see that.
Trading Ascending triangles:
Take a position after confirmation of a candle closed above the horizontal resistance line. Stop loss or limit should be slightly below the resistance line. To determine price targets, you take the measure of the base of triangle in this case is the yellow line I drew and labeled and you put it to the horizontal resistance line. So my first target is the previous high. Ill look to see what the situation is before confirming the higher price target. Which ill be observing volume and momentum.
My second target and the price target approximated by rules of Ascending Triangle is highlighted by the darker green line above. Around $75.
I Wish everyone luck and i hope everything made sense. Please comment if you agree or disagree. Im in the process of learning so comments are welcome :). Thanks.
DKNG Ready to push higherDKNG looks like its finally ready to move up, probably testing it all time highs around 62-63
$DKNG Breakout on Price and Relitive Strenght! I like this name along with $PENN (no position) This has broken out on both price and RS see chart for breakouts on both along with entry and stop prices. Ideas, not investing / trading advice. A word of caution, IDB has downgraded the Market to "Sideways Action."
$DKNG Bullish ProjectionAs we can see, Draftkings is finally waking up after months of healthy consolidation. Look for this stock to surge upwards in price in the near future, besides the profitability of the sports betting industry - here is my reasoning. Price testing at the final Fibonacci level the .236 (roughly $57.26 price level) shows this bullish divergence and once it breaks through this level we will see a jump. Furthermore, as we are on the daily looking at the RSI levels we can see two bullish confirmation signals in the two "W's" in RSI that I have pointed out - both further my reasoning for a bullish run upwards in Draftkings. Price target $65+
Draftkings trying for new highsWe have a breakout intraday. Think we can see new highs if we get above 59.
Draftking - Clear affiliation with round numbersWe can clearly see how many times price rebounded from 35s and 45s on both sides. We are at next round number 55 which has already failed once to break. And then there is 65 which too has failed to break once.
I already have a position, hence, I will just hold with my stop-loss of 45.
If not already in, going long after closing above 55 is ideal. Or if there is pullback, look for long opportunities closer to 45.
DKNG BUY OPPORTUNITYI see big potential earnings with this stock here.It is already at 55$ a share. We can expect higher highs to be made on this stock.
DKNG !! this is going to be BIG !new legislations are coming Draft king is a fairly new player on the market through a SPAC merger with Diamond Eagle acquisition corp, and it's an American sport betting operator and it even allows users to make bets on players' performances in all major sports.
In the list of investors, we can find names like the legendary Michal Jordan who is acting as a board advisor for the company as well.
So with new legislations coming in the Sports betting and iGaming field in the US, we expect great things from this stock, even though it is traded 360% higher than on March 20. Today they got a rise in target price by Goldman Sachs to 65$ along with Morgan Stanley while saying “the new legislation will pass in over 12 states and will bring an upside to the stock price and of course company revenue!
The legislations are due for Friday in Michigan and potential stats to follow are New York, Texas, Massachusetts, Georgia, and Ohio, and we will update our group live once official news comes out.
Let's look at Technicals:
So usually I will divide my target price on a stock into 3 or more parts but in DKNG it’s a bit different.
The volume readings are showing us a volume uprise to 60M in its highest high of 64$ at the beginning of Oct 2020, and the current volume readings are between 20 – 50 Million. Why is that out of the ordinary? usually when you look at a stock rallying up the volume will take off to a new high and then drop massively – this is not the case with DKNG – the volume stays very high with as low as 20M and high as 50M, which tells me the sentiment on this stock is still in its peak! and today after the Goldman and Sachs price upgrade the stock will rally up more!
We cannot see the stock entering the 45 and below levels that will mean we are looking at a massive correction hence, it’s a red square on the chart that cannot be touched! what we see is the stock accumulation rising steady and safely – this is NOT a parabolic rise as the stock corrected and stabilized on its current price – this means you are trading a “safe” stock relatively speaking of course. We give DKNG a target price of 70$ as the first target and a target price of over 150$ by end of 2021… this may sound high but sports betting online services usually have BIG revenue and relatively low operating costs.
We at FDGT are very bullish on the stock and we will keep updating our traders in the group about it
Trade safe, and be safe!
DKNG loading up for a trip to the Moon! 2HR DKNG bullish update - With sports betting activity increasing these upcoming months and legalization of mobile/ sports betting through out states, Im expecting a big move for DKNG soon. My in depth analysis on my previous ideas. Trading Idea annotated in the chart.
DKNG - BUY!- Bullish divergence on multiple timeframes
- Elliot Waves target = 68$ (61.8%)
- Descending triangle
-Head and shoulder pattern forming...
- Fundamental looking great
$DKNG Possible Long- DKNG looking like a huge triangle to the upside.
- It also looks like a possible IHS.
- Catalyst coming up is the super bowl be cautious as it could be a huge HS and bee sell the news.
- If this triangle breaks out to the upside it will be a huge move!
