Interesting ideas and your support and resistance and social indicators are all correct. The reason I am bullshit is the 10% drop that created this chart was on false information. Information that does not effect draftkings and the market has confirmed that with the last 2 trading days back up . Of course, it could fall but there would be serious support for the #1./ #2. sports book company anywhere below $27. I won some Draftkings and bought below todays close but I am going to hold for 1-2 years. So honestly, i dont care what happens to the stock this week or this month.
I suspect a close tomorrow above $30.14 and if this happens, my short-term trading "ideas" will be panning out. But at the end of the day, It could go back to $10,00 in the morning and it would only make me double my position. I have already put in 11 bids from $27.75 down to $10.85. I won't change them either unless fundamental negative information about the company (not its competition) were to come out.
So I am a true long here but lets see if this latest high can be broken to the upside. Or we break to the downside as you suggest.
Good luck either way and thanks for posting.
allout06
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@markn, Im the opposite, I'm just a short-medium term swing trader. Ill hold a position for a few days to a few months.
I have no idea what this stock will do over the next 2 years. I don't hold positions that long. It might outperform and eventually break this trend, who knows. But as of right now, I'll be shorting it back to the weekly coral off this trend. I think this run it's had needs a breather. I gain more by swing trading vs holding a stock for a couple of years. Technical analysis for me is kind of like headlights on a car, they only let you see so far out. Kicking on the "high beams" would be me looking at the quarterly chart and 6 month chart to get some idea of what it could do in a year or 2. But with DraftKings, the high time frame charts dont show me much data because the stock is so new. So it'd be a gamble for me to hold that long. Also, im 100% a technical trader, I dont pay attention to much of the fundamentals or the news. Just because the "news" typically happens at major levels ironically enough. lol.
My out on this stock and where I'd expect another bullish run would be around $20. If I'm in shorts, that'd be my exit and I'd probably become a buyer there if I got the confirmation for it.
I won some Draftkings and bought below todays close but I am going to hold for 1-2 years. So honestly, i dont care what happens to the stock this week or this month.
I suspect a close tomorrow above $30.14 and if this happens, my short-term trading "ideas" will be panning out. But at the end of the day, It could go back to $10,00 in the morning and it would only make me double my position. I have already put in 11 bids from $27.75 down to $10.85. I won't change them either unless fundamental negative information about the company (not its competition) were to come out.
So I am a true long here but lets see if this latest high can be broken to the upside. Or we break to the downside as you suggest.
Good luck either way and thanks for posting.