$DKNG really like the looks of thisLike the action of late, any selling appears to be on light volume
DKNG trade ideas
Heading to an old support 2x easyHey all!! well this is looking good! I will set a target nerby 50$, 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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DKNG Long Continuation TradeDNKG has an uptrend from a triple bottom in mid-March. As shown on the 2H chart
volume especially buying volume is increasing while on the RSI indicator, relative
strength is rising confluent with the price action. This looks like a quality swing
long setup during the NFL draft and upcoming playoffs in professional hockey,
basketball and baseball potentially boosting earnings The stop loss here would
be $ 0.05 below the previous high of the year in February since price is now above that
support. Targets are the highs of February 2022 and then the distant final target
is the neckline of the 2021 head and shoulders pattern ( all time highs ).
DKNG nice revival great recover from lows , is a healty up trend whit potential to increase in value
DKNG - breaking out form base DKNG has been forming a (double dip) base for almost a year now, ticking off a number of criteria that could increase it's odds of being a successful medium term trade going forward:
1. Series of higher hi's (HH) and higher lo's (HL) since hitting the low on 28 Dec2022.
2 Golden cross on 28 Feb2022
3. It's 200 day MA has begun to turn up
4. Every dip (since hitting the low in Dec) did not violate it's 50 day moving average, signs of strength.
It just broke above the base formation neckline (on average volume however) last Friday. It is possible for it to slip back below this neckline in the near term. I will be interested to stake any dips going forward (provided the dip is within 50% fib retracement of it's most recent mini upswing).
Earnings is expected on 5 May hence do be mindful of volatility around then.
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
Long Trade in DKNGThe leisure gaming group, as a whole, is setting up in a textbook breakout pattern.
Group moves like this can be powerful. The combination of a group move and a similar pattern from an individual stock within that group can lead to a strong advance higher.
DraftKings is breaking out of a clean base in the beginning of a new Stage 2 uptrend.
If you look at a daily chart, you'll see the stock is up 13% this week but running into longer term resistance.
Ideally, DKNG would consolidate for a few days in the HKEX:21 - HKEX:22 range to absorb any supply from sellers looking to exit near 52-week highs.
There are 2 places I would consider buying this stock…
First would be a breakout to new highs above HKEX:22 on above average volume. This would signal to me that funds are still buying heavy, and I would want to be along for the ride.
The other potential buy point would be a pullback into the moving averages and this week’s breakout area.
At HKEX:19 - HKEX:20 a share, I would be a buyer in DKNG with a sell stop just beneath the 50-day moving average.
DKNG SHORTDraftKings is trading at the $21.20 - .30 level! This is the resistance zone that held the stock since March 2022. In order to break through this line, we will need much more movement much more optimistic economic news! Which I don't really see at this point. Reasons to short:
- Currently, at the resistance zone, every time it touches this line moves down hard. I am not seeing it will move HKEX:5 or more, right now I am seeing the HKEX:20 - HKEX:19 range to find support.
- At the 4H chart, you will see that DKNG is trading at an overbought level (RSI 74), DKNG is the kind of stock that really respects the overbought and oversold range.
Given 2 major resistance and overbought for DKNG expect to short.
Draftkings looking readyWeekly chart showing signs of possible breakout. Looking for an increased volume week here and a push above the 3 month high.
Draftkings loooking pretty good $DKNGNASDAQ:DKNG
Just the Chart
taking a look at DraftKings here on the daily and its looking pretty good for some upside potential.
if it can break out of that 21 range we could be looking at massive upside
this isn't a name I would normally trade but i will be adding it to my watchlist as it looks like we could be in for some good price action soon
Draftkings This is gearing up for a huge move. It’s been slow and boring for a while but actaillt holding up stronf. After breakout of large downtrendinf riwstance around earnings we failed a double top but the stock is resilient and doesn’t want to drop. The bulls are holding 17$ area and hienstly the reward seems greater here to long with a stop below 16.50s
Target is 28$ could be a bullflag. Obvisouly 19.50 hold could be a more convincing long and we could wait for that entry as well but this is gearing up for a big move and my thought and thesis is to the upside here soon. As long as we remain above 16.50 this is getting ready for blast off.
