KING is leaving the consolidation stageTA is clear as day, massive meme lines of support, nice volume support below. We’re bouncing and running.
DKNG trade ideas
The King is Ready I believe the next move up is ready. The entire gambling sector has been getting killed, LVS, PENN, GNOG, RSI. It’s time for some rebalancing back into gambling-growth. Look at the 5 months of consolidation on BETZ.
Fake bearish pennant, volume declining with an increasing price, and a breakout of upper resistance. We touched a massive volume support sub $48, and now it’s time to buy and ride.
MM indicator, 6d SMA and oversold RSI is flashing for reversal. MACD is showing some momentum upward.
Lastly, we have expected great earnings, DKNG is releasing their NYC application in the next few days. The market is about to BOOM.
DKNG more trouble to come DKNG i believe is going on Wave 3 at the moment. Wave 1 took 52 days and Wave 2 27 days which is roughly half of 52 and it also retraced nearly 50% (didn't quite get there and this show weakness).
I anticipate DKNG to fall further.
DKNG should make a small top around June 21 and it should fall off from there.
Time will tell.
As Gann said, Time is more important than price.
DKNGPlaying a long position here, as we have a clear bounce from the golden pocket with two separate touches wicking off the .707 and .618. This is clear indication of algo behavior. This is a good chance to layer into a positions for an earnings run up. 4 target listed above. Trade would be invalidated on a break of the triangle with volume and a loss of the .618.
DKNG ShortSeeing a very nice well-defined Head and Shoulders pattern on Draftkings right now. Liking a short at these levels.
*Not financial advice, opinion only*
DKNG Rebound WaveDKNG has posted a lower high and is forming a wave pattern that points to potential more downside. Also with earnings coming up and most major sports (NHL, NBA, NFL) no longer in season, this could be a preemptive move to the downside. It may find some resistance around the 44-45 level, but i believe will resume downward until 41
DKNG accumulation zone ? hello everyone :) please leave a like and follow if you enjoy ideas! I expect some more sideways action here before the next leg up. right now may be a good area to accumulate shares, has not broken this trendline in a while! will need some bad news or market crash to break it now! goodluck <3
Market Alpha Watchlist - DKNGSymbol: NASDAQ:DKNG
Type: Shareholder Alert
Indicators
Laguerre RSI
Multi-Time Frame EMA
Opinion: Shareholder alerts typically make the stock move.
Dkng bear flagDouble top once it falls through support.
Close underneath 50ma today.
Macd is bearish
OBV bearish
Double top can be seen in RSI
i think this heads back to 34$ ,then bounce in time for Football season
DKNG Looking Like Ready for Liftoff?NBA Finals, UFC, and NFL in 30days.
Might be a good play here after today's pullback.
(Opinion Only)
One last dip before the rip (DKNG)
Based off the Fibonacci lines and volume, it looks like we could dip to about 48.5 before the next rip up.
DKNG - bullish trendEntry point - 53.25 or break of trendline which is also where the 200day sma is.
Contract suggestion:
DKNG 7/16 55C @ 1.31
DKNG Round Up/Rebound WaveDKNG has posted several recent higher lows, showing strength holding over the moving averages. Looks like this will have momentum up to the 56 range where it will meet resistance.
My View on DKNGMy entry point $50 range, stop loss below 44 (below higher low).
GAP was already filled. The volume coming, higher low already takes place. It looks like more signal bullish than bearish
Take profit at $64. Good luck guys.
My strategy is based on technical analysis, I don't read any news, because news is displayed on the chart. I gave up fundamental for a long time ago.
------------------------------------------------
This is not financial advice. I'm not a Financial Advisor.
Trading is a high risk, do your own DD.
Let me know what you think
Cheers, I would share all my thought next time.
PEACE.
6/28 DKNG(1) check blue line as support trend
(2) MA is correcting
(3) short-term support close to 58
(4) further date options can be better than lotto play
DKNG - H&S fully paid. Reversed. AB=CD 60 targetHead and shoulder paid off in full. Going to climb back above the neck line.
Now playing out AB=CD.
Target - $60
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How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines shows support and resistance areas.
- Fib lines also shows support and resistance areas.
- The dotted white lines shows price projection for breakout or breakdown target.
Disclaimer: Do your own DD. Not an investment advice.
DKNG long ideaDKNG broke the trend line on 6/7, hit resistance 55.84 on 6/9, retested and bounced from trendline on 6/15. definitely a roller coaster for the bulls entered on 6/7.
i personally think it will retest 55.84 and right now is a good entry point as it stands on ema 21. if not, it will test 43.66 again
from investment point of view, DKNG should be a good choice because its business is expanding.
DKNG pump fueled by shorts?DKNG 4HR TF
Analysis
After a 15% correction within a two day span from Hindenburgs claims on black market dealings/ illegal gambling, Buyers took advantage of that dip as it rallied 11% intraday and is currently consolidating for more upside. Retraced nicely to the .618 of May lows and Junes current highs and potentially forming a nice channel with lots of upside to run. Some important things to annotate on this chart: DKNG broke a 3 month downtrend June 7th, failed as price retested that previous resistance but reclaimed and holding right above(green trendline). Also, massive volume spike coming in after the Hindenburg dip. Ideally would like to see a dip back to the 44-46 levels for a dip entry, however if we don't get that dip and price pushes pass 50.15 I'm seeing a push to 55 by eow.
Targets: 55, 61, 69
Trade ideas:
Buy calls atm/otm strikes, 2+ weeks out (44-46 buy zone) or breakout entry at 50.15 to 1st target.
Simple Easy To Understand DKNG Bullish Analysis PT: $75 before October 15,2021
Will be in that parallel range and try breaking higher lows.
Should start loading up.
Cathie Wood vs. HindenburgIn the Blue Corner: Cathie Wood
Who is Cathie Wood?
Cathie Wood is the founder and CEO of Ark Invest. One of the most popular investment management firms that focus on growth sectors and long-term, high-reward investments.
Wood is the former Chief Investment Officer at AllianceBernstein, but left the company in 2014 to start Ark Invest after her popular disruptive innovation funds were deemed to be too risky.
Why has she become so famous?
In 2021, Forbes named her in the “50 over 50” list of influential figures over the age of 50. She was named the Best Stock Picker of the Year by Bloomberg News in 2020.
Wood has gained a massive following in social media communities such as FinTwit and Reddit. Her focus on popular growth names is held by many as the industry standard of how growth sectors are performing.
Wood has made several forward-looking forecasts that have gained both the ire and praise of Wall Street.
In 2018, she famously predicted Tesla TSLA would hit $4,000.00 per share. She was ridiculed at the time, but in January of 2021, Tesla shares hit that mark on a split-adjusted basis.
Wood has also predicted that the digital currency Bitcoin BTC will one day hit a price of $500,000.00.
She definitely puts her money where her mouth is by adding both Grayscale Bitcoin Trust GBTC and Coinbase COIN shares to her various ETFs.
In the Red Corner: Hindenburg Research
Who is Hindenburg Research?
Hindenburg Research is a well-known investment research firm that focuses on short-selling stocks by releasing reports alleging things like fraud or providing information that misleads investors.
Hindenburg was founded by Nathan Anderson. An activist short-seller that has made a living off of taking down publicly traded companies.
Why are they so famous?
Hindenburg Research has been one of the more accurate short-selling investment research firms over the past few years and have revealed fraudulent activities by several different companies.
First, it exposed electric truck maker Nikola Motors NKLA in a damning report that revealed CEO Trevor Milton was behind operating Nikola as an ‘intricate fraud’ .
The timing of the report couldn’t have been better: It was on September 10, 2020.
Just days after Nikola announced it was entering into an agreement with auto industry heavyweight General Motors GM .
Milton was ousted as CEO and never did deliver his long awaited rebuttal to Hindenburg.
Shares of Nikola have plummeted from unimaginable highs of $93.99 in June of 2020, to its current price of just over $15.00 per share.
Nikola is now the poster child of skepticism surrounding companies that come public via SPAC IPOs.
Hindenburg took on another EV SPAC company in Lordstown Motors RIDE , releasing a scathing report on March 12 of this year.
Just last week, Lordstown saw both its CEO and CFO resign. As well as the company reporting that there is significant doubt it will be able to meet previous production estimates.
Hindenburg has taken on other heavyweights and is well known for taking a short position and driving stock prices lower.
The Heavyweight Fight: Cathie Wood vs. Hindenburg Research
Round 1: Hindenburg Throws The First Punch
On June 15th, Hindenburg struck again, this time targeting popular sports gambling and fantasy sports company DraftKings DKNG .
Some well-known investors in DraftKings include Walt Disney DIS , WWE owner Vince McMahon, and owner of the New England Patriots, Robert Kraft.
DraftKings also has lucrative partnerships with the NFL, MLB, NHL, NASCAR, UFC, and the Dish Network.
A lot of potential brands could be hurt by these allegations if proven true.
n the report, Hindenburg alleges that DraftKings’ SPAC merger partner, a Bulgarian company called SBTech, is heavily involved in the black market and illicit gambling that has ties to money laundering and organized crime.
SBTech was absorbed into DraftKings as a part of the SPAC merger.
It now operates as an in-house part of the DraftKings brand. Therefore, allegations against SBTech are allegations against DraftKings as well.
According to Hindenburg, SBTech attempted to distance itself from the black market and organized crime prior to the merger with DraftKings.
It even created a new entity called BTi, that acted as a front for SBTech so it could continue to make revenues from markets where gambling was illegal.
Hindenburg gives an estimate that 50% of SBTech’s revenues are made in markets where gambling is considered illegal.
n fact, Hindenburg actually gives several gambling websites that have ties to known organized crime rings, that led back to SBTech and its subsidiaries.
These allegations are some of the most serious that Hindenburg has reported, with legitimate legal consequences that could have a long-term effect on the DraftKings brand.
Shares of DraftKings fell by 4.2% following the news.
Does Hindenburg Research have a short position on DKNG? At what price?
Oh you better believe Hindenburg has a short position in DKNG. So as with most short-seller reports, take them with a grain of salt.
While Hindenburg does not reveal how large of a short position they own, fundamentally it is in their best interest for the DKNG stock to continue to fall.
Round 2: Cathie Wood Attacks
Enter Cathie Wood, who may just be the personification of buying the dip!
Wood is well known to target companies she likes long-term that are beaten down.
Some examples of this include her continued support of Coinbase COIN and Teladoc TDOC during their prolonged dips.
So how much DraftKings did Wood buy? She added $42 million worth or 870,299 shares following Hindenburg’s report.
Wood added these shares to both her Ark Next Generation Internet ETF ARKW and her Ark Innovation ETF (ARKK).
The stock now represents the 19th and 17th largest holdings in each ETF respectively.
It seems like the markets were supportive of Wood’s investment as shares of DraftKings closed the next day higher by 0.6%, outpacing the broader markets.
There Can Be Only One!
… Who will win?
Judging from DraftKings’ rise the next day, it looks as though Wood and Ark Invest have taken round one from Hindenburg.
The report from Hindenburg was thorough and detailed, but unfortunately for them, there is a general disdain right now for short sellers in this market.
Retail investors have made it their mission to blow up short positions across the market, so we just don’t think Hindenburg’s latest report will hold up against the Queen of Growth, the Duchess of Buying that Dip, Cathie Wood.
What do YOU think? Who will win this fight?
DKNG 02-06-2021 LongAsset and Time frame -Daily,DKNG
Entry Price -49.51
Exit(Stop Loss) -47.08
Exit(Take Profit) -57.28
Technical Analysis - Price has left the uptrending daily channel after a very long duration, price reacted nicely to the -61.8 Fibonacci level with decent volume at the bottom,usually when the price reaches the -61.8 level with a good bullish candle, it will retrace back to the 0.0 Fibonacci level.
Good luck!
