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DRAFTKINGS INCDRAFTKINGS INCDRAFTKINGS INC

DRAFTKINGS INC

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DKNG1 trade ideas

Daily Chart Double Bottom incoming on $DKNG?$DKNG had a good rally after selling off from its highs of $64 and bounced very nicely off of $35. It has recently gotten rejected at $55 creating a lower high and a potential neckline for a double bottom. If the opportunity comes to get shares or calls at $35, I will definitely be taking it. It is now trading below the 20 and 50 ema headed towards the 200 ema, which is currently at $39 another potentially area for the next bounce to occur. Keeping my eye on this for a good dip buy in that range.
NASDAQ:DKNGLong
by gnarkillgreg
DKNG: UpdateI currently own 1/4 of my position with an average cost of $41. We are at a critical point represented by the red line: Bearish below $44 (x) Add another 1/4 at $39-43, I am not certain how low we will go so odds are once we touch the 150ema on low volume we will bounce Bullish above $51 (x) It'll take a miracle (or a HF) to bring this back to $51 this week or next, so I'm not too bullish at this moment I'm looking for stronger volume in the coming month, however I will add to my position below $43 regardless of volume. My EOY PT: $66-75
NASDAQ:DKNG
by RaftoO
An update on my DKNG call Originally I expected DKNG to hit and pass 50$ in a bullish sweep. That was the case but much quicker than I anticipated, and its pullback in the trading days after would turn 3,000+ to a fully closed out profit of 1,300. It never hurt anybody to take profits and I had closed out a fraction the day before it dropped so I guess thats the plus here. But where do we go from here? Now that markets are closed let's take a look at price action. Today we see it has plunged to 46.56 down 4.88%. From the looks at the decline it was clearly overvalued but who's to shame when you were right and got lucky with the timing? I had a stop loss and it told me I was wrong. The next level of support looks to be near 42 as a minor and 40$ as a major structural support defining a long-term trend. You can look to buy at these levels as an entry and immediately follow perhaps 39.49 as a stop loss. On the bears side is a fickle side for profit but nonetheless, before an initial drop there may be bulls near 44 and 45 to push it into its trend that it follows in a longer term ascending triangle. The overall thesis a bear would take is a put for 40$ near a 45$ if the price action supports it(I say this because option price will be determined by gamma, which predicts price trend)
NASDAQ:DKNG
by trevor4312
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.
NASDAQ:DKNGShort
by Jomo_Davis
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