DKNG - On the way to go towards 45.5 and 51.5Very good support placed at 39 looking for 45.5 and 51.5
Flag breakout happened at 35.
DKNG trade ideas
DKNG: Now Trading +23%Now trading +23% - original idea attached.
DraftKings is an American daily fantasy sports contest and sports betting company. The company allows users to enter daily and weekly fantasy sports–related contests and win money based on individual...
Can DraftKings Overcome Key Technical Levels?Primary Chart : DraftKings Inc. Weekly Price Chart with Fibonacci Levels and Downward Trendline from All-Time Highs
DraftKings Inc., an innovative sports-betting company, has been one of the hottest stocks of this week after it beat earnings expectations and raised revenue guidance. Many are likely chasing the stock's price here without any discipline whatsoever, being driven by fear of missing out and the possibility of untold gains from a former darling of growth investors.
The magenta trendline on the primary chart, which is logarithmically scaled by the way, shows that the downtrend remains intact despite today's powerful rally. This downward trendline could be broken, by the way, if momentum is sustained by bullish seasonality and tailwinds into year end in a pre-election year. But a shorter-term down trendline has been decisively snapped with today's upside push, and this suggests near-term strength for DKNG.
Supplementary Chart A
And DKNG gapped above its key 50-day SMA today as well.
Supplementary Chart B
But this post does not recommend shorting or longing this stock; instead, its purpose is to analyze NASDAQ:DKNG and consider its current position in light of a severe bear market in 2021-2022 and a euphoric bull-market run in 2020-2021. With discipline, some trading profits might be made long or short given this stock's inherent volatility—the stock rose about 15% today and about 25% this week alone. But without risk management, this stock could easily obliterate anyone attempting to gather quick profits on a short-term to intermediate-term time frame.
The stock is extended here after it gapped above key moving averages. It also has reached critical resistance at the .618 Fibonacci retracement after breaking above the 50% retracement on October 31, 2023. The .618 Fibonacci retracement lies at $34.25, a few cents above the high of the week and the day today. A bit of consolidation of today's move may provide traders with a bullish view into the new year (a time frame of about 2 months) a reason to buy the dip.
But caution is warranted into 2024 and 2025—can technological innovation and earnings surprises be enough to sustain this stock? Your comments on this particular question are welcome. There may be room for some debate as macro headwinds cannot prevent rallies like the one seen in equity indices like SP:SPX and some growth stocks. But there is a decent likelihood that macro headwinds may work against DKNG as long as interest rates remain high and inflation does not disappear. The Federal Reserves funds rate is now at 5.25% to 5.50%, a 22-year high. And quick look at the TradingView's Financial overview shows that DKNG has not had positive net income yet. And its financial history is not that long yet: It was founded in 2011, and it has only been public since 2020. So despite the major earnings beat and positive guidance today, DKNG still lost $0.61 per share. Unprofitable growth stocks do not perform as well in high-rate environments.
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Author's Comment: Thank you for reviewing this post and considering its charts and analysis. The author welcomes comments, discussion and debate (respectfully presented) in the comment section. Shared charts are especially helpful to support any opposing or alternative view. This article is intended to present an unbiased, technical view of the security or tradable risk asset discussed.
Please note further that this technical-analysis viewpoint is short-term in nature. This is not a trade recommendation but a technical-analysis overview and commentary with levels to watch for the near term. This technical-analysis viewpoint could change at a moment's notice should price move beyond a level of invalidation. Further, proper risk-management techniques are vital to trading success. And countertrend or mean-reversion trading, e.g., trading a rally in a bear market, is lower probability and is tricky and challenging even for the most experienced traders.
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DraftKings can it go Higher? $DKNGWith another year of increased Revenues DraftKings is poised to see higher gains. " In August, DraftKings took the U.S. online gambling lead, according to a new study by prominent research entity Eilers & Krejcik Gaming, capturing 31% of overall gross gaming revenue compared to FanDuel’s 30%. " - frontofficesports.com
$DKNG Shorts - Overextended on buyside I believe we made the high of the week for Draft Kings or at least until previous Thursday's low is taken. Positioning for shorts to swing.
$DKNG - could see further upsideNASDAQ:DKNG DraftKings formed a Cup and Handle base and recently performed a successful check back to the neckline. It also broke out of a flag that could propel the stock further.
Upside targets:
$45
$50
$55
Downside risk:
$32
I post detailed technical analysis of stocks with targets. Don't forget to give me a follow, if you find my analysis helpful.
DKNG 10/13/2023DKNG
Price was in an uptrend from January '23 through July '23.
It then started to move sideways between July '23 and September '23, forming lower highs into the trendline.
The uptrend was finally broken in late September '23/early October '23.
Now, the price finds itself at the resistance level of the previous uptrend and at the downtrend line created by the lower highs observed between July '23 and September '23. Additionally, there is an engulfing candlestick pattern in this area. This serves as my cue to enter a short trade.
Entry: 29.37
Stoploss: 33.56, -14.27%
Target: 20.78, +29.25%, 2.05 RR ratio
DraftKings and Tums Take a Gamble on Super Bowl Advertising
In a bold move that merges the worlds of sports betting, advertising, and consumer engagement, DraftKings ( NASDAQ:DKNG ) and Tums have joined forces to roll out an inventive free-to-play game, "Tums Prop Bites," just in time for Super Bowl LVIII. This collaborative effort not only reflects the evolving landscape of sports betting but also underlines the creative ways brands are capitalizing on major events to connect with their audiences. As the Super Bowl returns to Las Vegas for the first time in two decades, the stakes are higher than ever for brands seeking to make a memorable impact.
The Game:
Tums Prop Bites is not your typical sports betting game. Rather than focusing on the outcome of the game itself, the partnership invites consumers to test their knowledge of game-day food habits. Hosted on a designated microsite, participants can place bets on various details surrounding popular Super Bowl foods, such as predicting the number of pizzas delivered before halftime. The allure of a $10,000 prize pool adds an extra layer of excitement, ensuring heightened engagement as the game unfolds.
Strategic Partnerships:
Tums, in collaboration with GoPuff, sweetens the deal by offering a free 60-count bottle of Tums Chewy Bites to participants who visit the designated microsite at halftime. This not only aligns with the theme of the game but also cleverly positions Tums as the go-to solution for those indulging in greasy game day fare. The synergy between Tums and DraftKings ( provides a unique opportunity for both brands to tap into pop-culture hype while emphasizing the practical aspects of Tums as an antacid.
Market Trends:
Against the backdrop of the growing popularity of sports betting, this collaboration showcases how brands like Tums are strategically aligning themselves with industry leaders like DraftKings ( NASDAQ:DKNG ) to leverage the cultural phenomenon. The decision by DraftKings to forego Super Bowl advertising this year in favor of innovative partnerships underscores the shifting dynamics within the industry. Other players in the sports-betting space, such as BetMGM and FanDuel, are also making waves with their Super Bowl campaigns, indicating a fierce competition for consumer attention.
Market Momentum:
DraftKings' impressive climb to a new monthly high on 18th January, 2024 is more than a financial achievement; it's a manifestation of the market momentum and the platform's ability to capture and capitalize on the evolving trends in sports and gaming.
Conclusion:
As DraftKings ( NASDAQ:DKNG ) continues its upward trajectory in the stock market, the company's innovative partnership with Tums serves as a testament to its adaptability and willingness to explore unconventional marketing strategies. The Tums Prop Bites game not only engages consumers but also positions both brands as forward-thinking players in the evolving landscape of sports, entertainment, and advertising. As the Super Bowl approaches, all eyes will be on how this strategic collaboration unfolds, setting the stage for a memorable and interactive Super Bowl LVIII experience.
DKNGDraftKings is an American daily fantasy sports contest and sports betting company. The company allows users to enter daily and weekly fantasy sports–related contests and win money based on individual...
Re-testing the breakout level.
IBD Chart LayoutI got the Hex code for the IBD bars, and added a RS rating, volume average, and 50 period simple moving average. I can't get the bar shape just right though.
Here's the link to the layout template: www.tradingview.com
Potential Uptrend in DraftKingsDraftKings spent four months digesting a strong first half. Now after a rally and pullback, traders may see more upside in the sports-betting stock.
The first pattern on today’s chart is the August peak of $34.49. Strong earnings propelled DKNG through that level in the first half of November. It continued higher and pulled back, but is now trying to bounce in the same area. Has also resistance become new support?
Second, the recent trough represented a higher weekly low. That may suggest buyers are active.
Third, prices are potentially holding the 21-day exponential moving average (EMA). The 8-day EMA is additionally above the 21-day EMA. Those are also potentially consistent with an uptrend.
Finally, stochastics are rebounding from an oversold condition.
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DKNG 30 Minute Chart Supply Zone Trade IdeaWatching and waiting for the price action to move up into the supply zone. Looking to buy puts if and when it reaches these labels.
Buy Puts: $38.88-39.17
39+ retestPrevious resistances now flipped to support from ab=CD pattern.. current wave and money flow trend is also oversold
DKNG swing top inboundDKNG continues to rise on macro pattern and has just exited the Gann box which typically signals extreme volatility up or down. The macro I am seeing shows bullish sentiments and so looks like we shall reach the resistance of the greater macro before pullback. The green arrow signals the culminating point and sell off region.
DKNG Update- Target is still in sightWell if you were able to hang on long enough and see the bigger picture. This is an update to the previous chart (same green target point- this hasnt moved). DKNG is approaching the C wave of this Crab Pattern. This is the wave were the action either begins or ends. In this case its just starting. I am seeing an intermediate Crab pattern (shown in yellow). This pattern expected to check up and break down to 26.00 (purple line) and consolidate in this area before it breaks out. Once above 30 dollars it will not stop until the 40 goal is reached. This move is confirmed by the previous pattern which still has not run its course (shown in blue) and also terminates at this same location. DKNG has done good, but if you are not in - wait for the pull back to 26 and then you can merely wait for the profits. Anything dramatically lower than 26 is dead and the move up will need to recover (if at all). Expect 24-25 to be possible shake out price levels, but the move back up is expected to be swift.. so plan wisely if not already in.
DKNG final pattern to target Doing a final look at the price action of DKNG and it seems we are in a huge cypher pattern. Price will need to kick back up and hold at 30 (magenta line). Its been my experience these patterns typically have the deep retracement and then rally back upside. They can be fast going up and then dramatically deceiving and slow coming down. The pattern terminates 37.55 , but the Gann box is at 40.. so I am suspecting (without confirmation at this time) that a new mico bullish harmonic will develop at the APEX. Thsi is also near the 3/1 Gann angle and usually is a strong terminating or promoting area. In this case I think this pattern will draw in late comers and then the dramatic drop in price will commence, but 40 remains the target until we can get additional information later in this cycle. NOTE: The top is the same top from the previous charts for DKNG.
DKNG Market CycleAll stocks go thru 4 stages, sometimes each stage can last months or even years, and it's not always easy to recognize like it is on this chart.
Stage 1: Accumulation - buyers coming in stopping the down fall, and the stock starts trading sideways. (Wait)
Stage 2: Markup - Bullish phase, where traders and institutions start buying the up trend. (Buy)
Stage 3: Distribution - where institutions and traders start taking profits - selling. (Sell)
Stage 4: Decline - shorts recognize this stage and start shorting the stock. (Avoid)
$DKNG: 30 CoilingDraftKings has been hanging out around the 30 handle for months now but I think there's a chance it may be ready to break 30 and probe higher prices. We'll see how things play out, good luck traders!
DKNG - Breakout
One of the strongest names of this year. All signs point to a future multibagger.
Overbought on daily IMO, needs to cool down and test 5D EMA for next leg to 40.
No position yet.
The DraftKings Inc (DKNG): ExegesisDraftKings Inc (NASDAQ:DKNG) continues to expand its market presence with online sports betting now live in 21 states and iGaming in five states.
The company faces potential threats from regulatory changes and intense competition in the online gaming and sports betting industry.
DraftKings Inc (NASDAQ:DKNG) has opportunities for growth through strategic acquisitions and expansion into new markets.
Founded in 2012, DraftKings Inc (NASDAQ:DKNG) has grown from a daily fantasy sports innovator to a leading player in the online sports and casino gambling industry. As of November 3, 2023, the company's latest SEC 10-Q filing reveals a dynamic business landscape with a mix of strengths, weaknesses, opportunities, and threats. This SWOT analysis aims to provide a comprehensive understanding of DraftKings' current position and future prospects. The company's financial performance shows a steady increase in revenue, reflecting its successful customer acquisition and retention strategies.
Strengths
Market Presence: DraftKings Inc (NASDAQ:DKNG) has a strong market presence, with online sports betting live in 21 states and iGaming in five states. This wide reach gives the company a competitive edge and access to a large customer base. The company's robust customer acquisition and retention strategies have contributed to its revenue growth, as evidenced by the $1,049.2 million increase in revenue for the nine months ended September 30, 2023, compared to the same period in 2022.
Product Innovation: DraftKings Inc (NASDAQ:DKNG) has consistently demonstrated its ability to innovate and expand its product offerings. The company's portfolio now includes Sportsbook, iGaming, DFS, and other consumer products. This diversification not only enhances customer engagement but also provides multiple revenue streams for the company.
Price Momentum
DKNG is trading near the top of its 52-week range and above its 200-day simple moving average.
What does this mean?
Investors have been pushing the share price higher, and the stock still appears to have upward momentum. This is a positive sign for the stock's future value.
DKNG DraftKings Options Ahead of EarningsIf you haven`t bought the dip on DKNG here:
Then analyzing the options chain and the chart patterns of DKNG DraftKings prior to the earnings report this week,
I would consider purchasing the 30usd strike price Calls with
an expiration date of 2024-1-19,
for a premium of approximately $1.93.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
