Hi guys,
Jumping right in......
Draftkings on the weekly is looking extremely bullish and i am currently in this trade (daily timeframe).
When there are bullish signs on larger timeframes, the moves tend to last a bit longer but can have massive profits.
As you can see we broke out of an ascending triangle that's been forming since November'20. If you measure for potential targets, it comes up around $95, give or take a few $. To measure you draw a line from the horizontal resistance line to the start of the ascending trendline, which is known as the base. Confirmation was made with daily candle closes above horizontal resistance. We would like to see for weekly candle close above the line as well.
Before breakout, last week candle printed a dragonfly doji variation, which is trend continuation pattern to upside. Extremely bullish. And it wicked up from the 21 EMA, meaning people got there eyes on this stock with extreme buying that happened.
We are currently above the 21EMA which means uptrend still intact.
Stoch RSI is at 80 lvl. But there's a cross and more room for momentum upwards.
MACD currently showing signs of positive momentum.
Keep an eye on RSI, as currently there is divergence. Which is a case for bearish move. However, currently its trying to breakout of the downward trend. We'd like to see it make a new higher high.
Thank you. That's it for now. Let me know what you think by commenting.
Jumping right in......
Draftkings on the weekly is looking extremely bullish and i am currently in this trade (daily timeframe).
When there are bullish signs on larger timeframes, the moves tend to last a bit longer but can have massive profits.
As you can see we broke out of an ascending triangle that's been forming since November'20. If you measure for potential targets, it comes up around $95, give or take a few $. To measure you draw a line from the horizontal resistance line to the start of the ascending trendline, which is known as the base. Confirmation was made with daily candle closes above horizontal resistance. We would like to see for weekly candle close above the line as well.
Before breakout, last week candle printed a dragonfly doji variation, which is trend continuation pattern to upside. Extremely bullish. And it wicked up from the 21 EMA, meaning people got there eyes on this stock with extreme buying that happened.
We are currently above the 21EMA which means uptrend still intact.
Stoch RSI is at 80 lvl. But there's a cross and more room for momentum upwards.
MACD currently showing signs of positive momentum.
Keep an eye on RSI, as currently there is divergence. Which is a case for bearish move. However, currently its trying to breakout of the downward trend. We'd like to see it make a new higher high.
Thank you. That's it for now. Let me know what you think by commenting.
Comment:
Gap was filled at 61.58 level. Was waiting for this fill. I added to my bags.