DKNG: Inverse Head and Shoulders

DKNG broke out of the strong resistance triangle of $55 nicely today. Seeing an inverse head and shoulders on the long term chart, could possibly break into $60 in near future.A nice uptrend formed with higher highs and higher lows. Bullish trend. But beware of the resistance at $59/60 supply range. Plus Jacksonhole meeting on Thursday and possibility of taper talk on Friday FMCO.
Nice Volume, with RSI hitting 70, MACD crossover on positive
DKNG will be in focus in September as Football betting season starts. Expecting next quarter earnings be better than this quarter thus will be a good catalyst to push DKNG back to $60 range. DKNG will be a good hold for mid/long term.

Comment:

A partnership with Simplebet today launching real-money micro betting products have catalysed today's spike. Simplebet announced today the completion of $15M financing around earlier this year, bringing total funding to $50Million with the recent funding being used to enhance company's existing NFL, MLB and NBA products. Represent the next evolution of sports betting.
Valuation is a little rich now, Price/Sales is a little bit over 20 and Enterprise value to sales is on a four basis, its turning roughly 16, which is not too bad but its also not ideal. DKNG is not profitable as there is no eps, , there is no earnings per share ratio either, hence there is still a risk of investing. Also do note about the share dilution for the company has been going up substantially but there is a huge potential growth in sports betting industry and DKNG is one of the leaders in this space.
As for now, technical wise, it will be better if there is a break and retest on the support level of $55 to form a solid support.