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!
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!