DKNG text book breakout coming soon? 🥶🚀downtrend faze in 2021, consolidation faze 2022-2023, now it looks like bull faze may come end of 2023 and goes into 2024?
potential rally to 35-42-49 if we break 27.17 🎯
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DKNG trade ideas
Is DKNG a bettable buy?As shown on the daily chart DKNG has been on a clean rise this entire year now up 100% over
the first six months. An earnings report is due in about three weeks. Sports betting
may have some seasonability and most of all collegiate and professional sports are in the
off season at this time. No matter, the chart shows a steady rise since the last earnings
( small) beat in an ascending channel between two and three standard deviations above
the mean VWAP anchored one year ago. The MTF RSI indicator of Chris Moody shows both
RSIs at about 70 and so not overbought. Trading volumes are steady and consistent. The
relative volatility indicator shows some increases in the past 9-10 trading days. Overall,
I believe that DKNG is suitable for a long swing trade which I will close just before
earnings.
$DKNG Breakout Confirmed Check my last NASDAQ:DKNG post! We've been waiting on this one to breakout for a while, with a lot of room left to run. A very strong performance on a Monday morning, and not looking to give back all of its gains. Stay ready and alert because things CAN change on a dime.
DKNG setting up nicelynice VCP Action, preferred to see volume dry up with few more days of tightning
$DKNG Potential Breakout NASDAQ:DKNG looks strong here after a decent pullback from stocks this past week.
$DKNG - Slowing momentumNASDAQ:DKNG looks like momentum is slowing with MACD and RSI bearish divergence. It may have legs to advance $28-30 area. Its been 7 consecutive months of up trend. Remarkable. I would not chase here. No position.👀ing.
DKNG - Rising Trend Channel [MID -TERM]🔹Strong rising trend channel in the medium long term.
🔹Between support 24.53 and resistance 26.92 in rectangle formation.
🔹Supports 21.00 in NEGATIVE reaction.
🔹Technically positive for the medium long term.
Chart Pattern;
🔹DT - Double Top | BEARISH | 🔴
🔹DB - Double Bottom | BULLISH | 🟢
🔹HNS - Head & Shoulder | BEARISH | 🔴
🔹REC - Rectangle | 🔵
🔹iHNS - inverse head & Shoulder | BULLISH | 🟢
Verify it first and believe later.
WavePoint ❤️
rebreak of fakeout with kcbb eclipse Notes:
Price overshoots from BB by 5% (near major resistance)
Fake Out
Re-breaks after a consolidation with KCBB eclipse
Entry on rebreak
Exit on measured target
$DKNG really like the looks of thisLike the action of late, any selling appears to be on light volume
Heading to an old support 2x easyHey all!! well this is looking good! I will set a target nerby 50$, I think fibo is a nice approach to see a mid term target. Bullish tendency, seems fine to have it in portfolio ;)
DKNG approaching supply zoneBeware of the supply zone for any long plays. I want to see that turn into a support area after it passes through before taking a long-term entry to the upside.
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.
Daily Argus Market Mover"DraftKings is a digital sports entertainment and gaming company, providing users with sports betting and iGaming opportunities. It is also involved in the design and development of sports betting and casino gaming software.
Since it started trading in 4/2020, DKNG has had one massive advance and one huge decline. The stock rose to $74 in 3/2021 after starting at $20 only 11 months earlier. The shares traced out a head-andshoulders, breaking the neckline in 11/2021. DKNG then cratered to $10 in 5/2022, bounced to $21, and then tested the May low in late 2022. The stock rallied in early 2023 right back to its prior high near $21. The shares traced out a flag back to the 50-day in March and have been crawling higher ever since, supported by its 10- and 21-day exponential moving averages. Over the past couple of months, all the minor pullbacks have been bull flags.
Chart and moving-average support are at $23.25, and we would put a stop-loss just below there. Take profits at $30, with larger long-term gains possible."
Copy & Paste directly from Argus Research Group
$DKNG rounding bottomNASDAQ:DKNG rounding bottom, 20 weekly moving average crossing above the 50 weekly moving average. Next major resistance is the horizontal line.
DKNG Double Bottom Breakout Waiting for RetestA nice double bottom formed + a handle. Lots of confluence on the resistance turned support. Lots of Bread and Circuses in the future and gambling will always be one of the best choices
Declining volume with increasing price looks bullish to me
DKNGPossible classic resistance turned to support, rounding bottom pattern, look left Vol Profile Vacuum could trigger a move to 45
DKNG added at the open low!Fairly obvious flag pattern break on Friday, confirmed with the gap up on volume this morning.
DraftKings goes bull!DKNG just beat earnings!
Having picked up a small number of calls as an earnings play based on the underlying financials of the asset, their market dominance, and the strong technicals provided on the chart, it seems evident that DKNG as a company is poised to make a run.
Short-term / scalp opportunity:
It will likely gap-fade the open first, so I would watch Friday trading hours closely. If the gap-fade happens, traders should look to go long when the fade pattern completes. Call options with 5-10 days expiry in the $22-23-24-25 strike ranges would be an excellent way to leverage this, depending on risk tolerance and position size.
Medium-term / swing trade opportunity
There is some resistance around the $25 mark, so this is the level to watch. Assuming this level is broken, traders should go long. Aggressive swing-traders could take position as early as today, but more risk-averse traders should look to take position upon break of this level which confirms the pattern illustrated here.
Long-term investment opportunity
While DKNG does not pay dividends, the chart shows that it is poised to make a significant run. Investors and other long-term traders should look to enter this position as it has the potential to return over 100% on the asset.
$DKNG Break above trend lineNASDAQ:DKNG needs to stay above trend line to continue uptrend. 20 day crossed over 50 day moving average which is a condition of an uptrend.
DKNG Showing classic MM trading templateMark Minervini's trading template in action can be seen in the DKNG chart. Please study this to improve your skills.
DKNG (Long) - Double bottom on a weekly; breakout from a baseFundamentals
Draftkings is not the best buy from a fundamental value as it is currently unprofitable, and according to analyst, it is about to stay that way for the next 2-3 years
However, it is showing a robust growth with the earnings expected to grow almost 70% next year
Unprofitable companies are also likely to start profiting once interest rates start to go lower from the impending recession
It is important to stay cautious with high-beta stocks like DKNG as they can also be hit by the recession. Therefore there is a real need for prudent risk management
Technicals
Technicals are looking really solid
On a weekly, the stock formed a double bottom at the all-time low
The stock price created a solid base from which it is just breaking out
The RSI is creating a base near 60 level and looking like breaking higher; MACD has just entered positive
Trade
The stock just started breaking out from a lovely-built base
However, the stock market seems to be having a pullback which might last for another week or two, creating headwinds for DKNG
Moreover, there is a very important FED meeting next week along with a CPI print
Therefore, I would wait for the price action in the market to play out and wait for the data to come out and once the air is clear and in line with a thesis for growth stock, I would jump on the DKNG train
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