Well if you were able to hang on long enough and see the bigger picture. This is an update to the previous chart (same green target point- this hasnt moved). DKNG is approaching the C wave of this Crab Pattern. This is the wave were the action either begins or ends. In this case its just starting. I am seeing an intermediate Crab pattern (shown in yellow). This pattern expected to check up and break down to 26.00 (purple line) and consolidate in this area before it breaks out. Once above 30 dollars it will not stop until the 40 goal is reached. This move is confirmed by the previous pattern which still has not run its course (shown in blue) and also terminates at this same location. DKNG has done good, but if you are not in - wait for the pull back to 26 and then you can merely wait for the profits. Anything dramatically lower than 26 is dead and the move up will need to recover (if at all). Expect 24-25 to be possible shake out price levels, but the move back up is expected to be swift.. so plan wisely if not already in.
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DKNG may break directly up without a consolidation- it def has the previous pattern momentum to do so. Stay alert on this... price already above 30.00. If it continues up this will be a big fake move upwards.. but I do think traders should expect a dramatic pullback at 30.00. Either way the price point is given to watch.
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Well, price free fall 3 minutes before the bell. Accident? lol Never any accidents in these markets. The makers know exactly what they are doing. The goal is to create so much confusion in price action, thereby having control over what buyers and sellers do. Lets see if post market holds price levels above 30 or not. Stay tuned.
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Something is brewing big of DKNG... The 266 retracement has not taken place yet and looks like it could make a quick dash up to the target.
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UPDATING the price target as I didnt see the 3/1 Gann line earlier. New Price Target is 37-38 dollars. Be ready for a still pull back after this is reached. Its been a good run!
Comment:
UBS Raises DraftKings Price Target to $44 From $39, Maintains Buy Rating
Trade closed: target reached:
pattern top completed, There may be further upside, but due to the pattern in play (confirmed) Cypher.. this is going to be a slow long haul back upside if it does not do so in the next 24/48 hrs. Profits should have been taken by now to reinvest in other things while DKNG takes a break.
Moorsc0de aka Crypt0nomics aka Zaphkiel